Paid by Seller
Realtor fees - Varies and negotiable. Anywhere from 7% on the first 100K of sales price and then 2.5% on the rest ..down
Legal fees $600-1000
Paid by Buyer
Appraisal for mortgage (often the lender will pick this up) but even if you are buying with cash you should get one $750 +/-
Legal fees $600-1000
Property Transfer Tax 1% on the first 200K and 2% on the remainder.
Insurance for the property - Critically important and most lenders will insist on it.
I forgot the PTT in the example below and have rejigged the numbers to account for that and a more realistic cost of selling.
Taking the PTT and 2.5% selling costs into consideration the difference is $110K for the renter and $79K for the buyer. A substantial difference!
