Selling a home

How much selling your home can cost

There are standard costs you can expect to pay when you sell your home. These costs include:

Other potential costs include:

Learn more about mortgage prepayment penalties.

Setting your home’s sale price

It’s important to set the right sale price for your home. To do so, you can:

Remember to factor your selling costs into your sale price

Learn more about determining your property’s value.

Selling your home with a realtor

If you use a realtor, you pay a commission based on the home’s sale price. Realtor commissions may be negotiable, but typically range from 2% to 6%, depending on your location.

The realtor can:

A realtor can also help you:

If you plan to hire a realtor do your research to find the right one for your needs.

Find out what to look for in a realtor and what to expect from your realtor.

Selling your home yourself

Some people choose to sell their home themselves. By selling your home on your own, you won’t have to pay a commission to a realtor. You can save money but also means taking on all the responsibility for selling yourself. Responsibilities may include taking care of the showings, the price negotiation and the paperwork yourself.

Make sure you understand your responsibilities before making a decision on how to sell your home.

Learn more about selling your home yourself.

Conditional home sales

Before you sell your home, consider whether you’re willing to accept a conditional sale.

Potential buyers can make you an offer with conditions. This allows them to withdraw the offer if certain terms aren’t met.

For example:

These conditions usually include specific time limits. Read the offer carefully before agreeing to anything.

Important documents your homebuyer may need

Once your home is on the market, gather any documents that will help you with the selling process, including:

Tax implications of selling your home

In most cases, you won’t pay tax on the money you make from selling your home. This is the case if the house was your principal residence every year since you bought it.

You may generate an income with the home you plan to sell. For example, you may rent part or the whole property while you own it. In this case, you must report the sale of your home on your tax return. You must also pay taxes on the proceeds of the sale.

Learn more about tax rules when selling your home.

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