Are you planning to sell a plot of land? If so, you may be asking yourself this common question: who pays when selling land in Montreal? In this article, we’ll reveal the surprising answer.
When people think of selling land, they think of handing over the deed and accepting a cheque for the property. Logical. At first, you might think that the buyer pays the seller. But that’s not really how it works, and you may be surprised to find out who pays when selling land in Montreal.
If you’re the seller, you’ll have to pay first! You’ll probably have to pay for a site survey or analysis, or for a geologist to examine your property and tell you about its potential.
Then you’ll work with a real estate agent to try to sell the property. There will probably be additional expenses you’ll have to cover while the agent tries to find a buyer. For example, you’ll have to pay a mortgage, bills, taxes and insurance on the property during the months when the agent is looking for a buyer.
When an agent finds a buyer, you may need to work with a lawyer, notary and possibly others to complete the paperwork. Yes, YOU pay for it all the time.
Once the paperwork is done, you’ll get the money for the property – once your mortgage is paid off and all liens taken care of). This money may come from the buyer himself (if paying cash) or from the buyer’s bank (if the buyer needs to obtain a mortgage to buy the properties).
But your payment isn’t finished yet! Once everything is said and done, you’ll also have to pay the agent’s commission… and that usually comes out of your pocket.
So, to answer the question “who pays when selling land in Montreal”, the answer is that you will pay again and again, and the buyer or his bank will pay you once.
Many sellers realize that this is not the best way to sell, especially if you don’t have the cash flow to cover these high up-front costs. Of course, it’s nice to gamble on the possibility of getting a higher sale price (even though you may not get what you ask for the land); it’s no wonder that so many sellers are looking for a faster way to sell land – by getting a quick cash offer and bypassing all the expensive and complicated steps above.
If you want to sell a lot in Montreal, but don’t want to pay all those fees, why not just see how much we’ll pay for your land? Click here now and fill in the form or call our team at [téléphone].
