When buying or selling a home in Brampton, understanding real estate fees is important to avoid surprises.These fees are part of the process, whether you’re working with a real estate agent or dealing with other services. Here’s a simple guide to help you understand the common fees involved.
One of the biggest fees you’ll encounter is the real estate agent commission. When you work with a real estate agent or real estate brokerage in Brampton, they charge a commission for their services.This fee is usually a percentage of the sale price, typically around 4–5%. The seller’s agent and the buyer’s agent split this fee. For example, if your home sells for $500,000 and the commission is 5%, the total commission would be $25,000.
In addition to agent fees, there are closing costs when buying a home in Brampton. These include fees for title insurance, property inspections, land transfer taxes, and lawyer fees. Closing costs can add up to around 3–5% of the purchase price, so it’s important to budget for them.
If you’re buying a property, it’s wise to have a home inspection done to check for any hidden issues. The cost for a home inspection in Brampton can range from $300 to $600, depending on the size and condition of the property.
In Ontario, when you buy a property, you have to pay a land transfer tax. This is calculated based on the price of the property and can be a significant expense, especially for first-time buyers.Working with a trusted real estate brokerage in Brampton can help you navigate these fees and ensure you’re well-prepared for the costs of buying or selling a home. Always ask your agent about any fees upfront so you know exactly what to expect.