Costs of Selling
There are costs that must be taken into account when you are considering selling your property. LoanStar Realty recommends sellers carefully assess the expenses that may need to be outlaid during and after the selling process.
1. Commission
In accordance with the Property Agents & Motor Dealer’s Act 2000, the maximum commission chargeable in the sale of a residential property in Queensland is as follows:
5% of the first $18,000, 2.5% of the balance thereafter, of the contract sales price PLUS 10% GST
For example, if your property sold for $250,000, the equation would be:
5% of the first $18,000 i.e. $ 900.00
2.5% of the balance $232,000 $5,800.00
Commission $6,700.00
Plus 10% GST 670.00
TOTAL $7,370.00
(An easier equation is sales price plus $18,000 ÷ 40 plus 10% GST)
$250,000 + $18,000 ÷ 40 = $6,700.00 plus $670.00 GST = $7,370.00
2. Advertising
To make buyers aware that your property is on the market and available to buy, you must advertise. LoanStar Realty has several marketing programs for sellers that have proven to be effective in acquiring maximum sales price in a minimum time frame.
The cost of advertising changes often but LoanStar Realty programs are kept up to date at all times and some discounts are available.
Advertising includes newspaper advertisements, internet listing, signage, brochures, letterbox drops, open for inspections and more. Not all of these will cost the seller money.
3. Title Searches, Plans
In order to sell your property, title searches, registered plans, body corporate statements and Community Title searches etc must be made available to buyers, by law. All of these items must be produced at the expense of the seller.
4. Taxes
There are different taxes that may apply to selling a property, depending on your circumstances. Check the Australian Taxation office website to see what applies to you.
5. Solicitors fees
Solicitor’s fees must be taken into account when selling. Again, these vary depending on the firm you choose. It certainly pays to shop around- most solicitors will quote conveyance fees to you.
For all your selling needs, contact LoanStar Realty on 1300 855 354 or email to realty@loanstar.com.au.