What are the fees associated with selling a property?

When selling a property, there are various fees that sellers should be aware of as they can impact the net proceeds from the sale. One primary fee is the commission paid to real estate agents, which is typically a percentage of the home's selling price. This commission is negotiable and can vary based on the agreement with the agent, but it often ranges between five to six percent. In addition to the agent’s commission, sellers may also incur closing costs, which can include fees for inspections, appraisals, and title insurance. These closing costs can generally amount to two to five percent of the sale price. Furthermore, any outstanding mortgage balance will need to be settled at closing, which will reduce the amount the seller takes away from the sale. Other potential expenses may include repairs or improvements to make the property more appealing to buyers and staging costs to enhance the home’s presentation. Taxes on capital gains could also apply if the seller has significantly appreciated value in the property, although there are exemptions for primary residences in certain situations. For precise details and up-to-date information about the selling process, including fees, it would be beneficial to explore the resources available directly on the Lenihan Sotheby’s International Realty website.