When it comes to selling your property in Edmonton, St. Albert, or across Sturgeon County, understanding the true cost of selling is vital. Many homeowners believe that the final selling price is what they’ll actually take home—but that’s rarely the case. Between real estate commissions, legal fees, and post-sale adjustments, the net proceeds can vary significantly. Here’s a detailed look at what to expect when selling your home in Alberta’s real estate market.
The Role of Realtor Commissions
In Alberta, real estate transactions are typically facilitated by licensed members of the Canadian Real Estate Association (CREA) through the Realtors Association of Edmonton or other local boards. These professionals provide market analysis, negotiate offers, and handle the vast paperwork that comes with a sale. Their compensation is generally a percentage-based commission on the final sale price.
- Typical Range: Realtor commissions in Alberta often range from 3.5% on the first $100,000 and 1.5% on the remaining balance, though fees vary by brokerage.
- Buyer and Seller Agents: In most cases, the total commission is split between the buyer’s agent and the seller’s agent.
- Value Proposition: Experienced Realtors bring in-depth market knowledge, marketing reach, and negotiation expertise—often resulting in faster sales and potentially higher offers.
Legal Fees and Closing Costs
Once a deal is finalized, you’ll need a licensed real estate lawyer to close the transaction. Legal professionals handle title transfers, review contracts, and ensure all conditions are met before possession changes hands. The fees associated with these services can vary based on property type, location, and complexity of the sale.
- Document Review: Your lawyer reviews the purchase contract, ensuring all terms comply with Alberta’s real estate laws.
- Title Transfer: Title registration and discharge of existing mortgages fall within the lawyer’s scope of work.
- Cost Range: Expect to pay between $900 and $1,500 in legal fees, depending on your specific transaction.
Adjustments and Additional Expenses
Beyond commissions and legal fees, there are adjustments at closing that can alter your final payout. These represent shared costs based on the date of possession and are common in Alberta real estate transactions.
- Property Taxes: Sellers may need to credit buyers for property taxes prepaid beyond the possession date.
- Condo Fees: If you own a condominium in Edmonton or St. Albert, monthly condo fees may be prorated.
- Utilities: Certain rural or acreage sales in Sturgeon County involve utility adjustments for water, gas, or septic systems.
Understanding Your Net Proceeds
To truly understand what you’ll take home after selling your property, it helps to calculate your net proceeds of sale. Subtract Realtor commissions, legal fees, and any adjustments or outstanding mortgage amounts from your final sale price. Discuss these numbers with your Realtor and real estate lawyer early in the process for clarity and accuracy.
Conclusion: Planning Ahead for a Smooth Sale
Selling a home in Alberta isn’t just about finding the right buyer—it’s about managing the costs and details that come with closing. By working with a reputable Edmonton Realtor, consulting trusted legal professionals, and preparing for adjustments, sellers can minimize surprises and maximize profit. Transparency and advanced planning are the keys to a smooth, informed real estate transaction anywhere from Downtown Edmonton to rural Sturgeon County.