Asked by yan
I've bought a property for $500k. I've paid a down payment of $100k cash and loaned an amount of $400k from the bank. Paid $9600 for stamp duty. Paid legal fees of $5000 of which $2500 is subsidized by the bank (this subsidized $2500 would need to be paid back to the bank when I cancel the loan). Bank cancellation fees is 0.75% of loan amount. If I were to sell away the property at $550k, is my profit computed like this?
$550k - (purchase price of $500k + stamp duty $9600 + buying Legal fees $5000 + selling legal fees (what is the normal legal fees for selling property?) + selling agent's commission 1% of $550k + bank loan cancellation fess 0.75% of loan amount)
Did I missed out anything?
Thanks.
$550k - (purchase price of $500k + stamp duty $9600 + buying Legal fees $5000 + selling legal fees (what is the normal legal fees for selling property?) + selling agent's commission 1% of $550k + bank loan cancellation fess 0.75% of loan amount)
Did I missed out anything?
Thanks.
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