# Selling a house in Alberta



## SergeG (Sep 26, 2013)

Hello,
I've bought a house less than a year ago and now considering to put it up for sale due to increase in value ( just had an appraisal done and it appears that property gained more than $50k). However, this is my first property and I'm afraid I'm not aware of all the costs of selling it. Can someone with experience of selling a house in Alberta run me through full list of all expenses that I will have to face ?
As for now, I know that I will have to pay the following:
1) realtor fees
2) legal fees
3) mortgage cancellation or porting fees( depending if I will decide to buy another property or just rent for a while)
4) capital gain tax on profit from the house

Did I miss something ?

Also, how bad it is for the credit history and chances to get another mortgage, to sell a house less than a year after purchase ? 


Thank you in advance for your help !


----------



## SpendLessEarnMore (Aug 7, 2013)

I just sold my house in Calgary 2 months ago that I owned for less than a year.

If it's your principal residence and not a rental income house than you don't pay capital gain tax.

1) Normally you would have to pay your seller agent 7% on first $100k of purchase price and 3% on balance of purchase. I didn't pay any realtor fees because I went privately.

2) Yep legal fees there and if you port your mortgage than you pay legal fees twice for selling and buying.

Can't think of anything else I would have to pay that my lawyer wouldn't have included in the net fee.

Don't think selling a house quickly would affect your credit history or getting another mortgage in any way. It's not like you are defaulting or late on a loan. If you're porting your mortgage you will have to re-qualify for a mortgage.

2 months after selling my house my FICO score is 780 and nothing on my credit report about selling a house quickly as it shouldn't be.


----------

