Cost of Selling Real Estate

Here is what to expect.

1. Agents Commission
All commissions are negotiable! Although the Queensland Government has set a maximum of 5% for the first $18,000 of sale price and a further 2.5% of the balance of the sale price. GST is charged on top of this final figure. Example on a $400,000 sale:

$18,000 x 0.05 = $900

($400,000 - $18,000) x 0.025 = $9550

Total Commission = $10,450 + GST (10%)
2. Advertising & Marketing
A lot of agents take this cost out of there own commission, for the standard package. However if you choose to use an agent that does not do this, or if you request more than the standard package, GST is payable by the seller on the final figure.
3. Legal Costs
When choosing a solicitor, shop around. Solicitor fees are negotiable! Good referrals and past experience is valuable when choosing your legal representative.
4. Financial Institution Fees
As the seller of property your bank or financial institution may charge you for their attendance at the settlement to receive and discharge the mortgage. Fees vary between institution.
5. Valuation Report
You may wish to procure a valuation of your property to give to potential buyers. In Queensland, contact the Australian Property Institute for names of registered valuers.

Australian Property Institute: 07 3832 3139
6. Inspections
Optional. Pre-Sale Building and Pest Inspection Report which is conducted by a licensed professional.

www.bsa.qld.gov.au