Understanding Real Estate Fees in Brampton: What You Need to Know from Remax Millennium's blog

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.

1. Real Estate Agent Commission

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.

2. Closing Costs

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.

3. Home Inspection Fees

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.

4. Land Transfer Tax

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.