What does the selling price include?
What does the selling price really include? Read this and stop guessing.
Quick answer: what the selling price covers
The selling price is the agreed dollar amount the buyer pays for the property. It covers the real property (land and permanent fixtures). Everything else depends on the sale contract. Plain and simple.
What’s automatically included
- Land and buildings: the lot, house, and permanent structures.
- Fixtures: anything permanently attached (light fixtures, built-in cabinetry, plumbing fixtures).
- Agreed inclusions spelled out in the offer: if the contract says “includes dishwasher” then it’s included.
Keywords: selling price include, fixtures vs chattels, what’s included in sale
What’s not automatically included
- Chattels (personal property): sofas, freestanding appliances, decorative items — these only transfer if listed in the contract.
- Tenant belongings: if the property is rented, tenants’ property stays unless otherwise agreed.
Adjustments and extra amounts buyers should expect
The selling price is the headline number. At closing, the buyer will also pay or account for:
- Closing costs: legal fees, title insurance, land transfer tax (varies by province/state).
- Property tax and utility adjustments: seller often gets credit for pre-paid amounts.
- Mortgage discharge and registration fees (seller-side costs) — these reduce seller proceeds, not the sale price.
Seller costs that reduce net proceeds
When you read the selling price, know that it is not the money the seller pockets. Expect:
- Realtor commissions (typically a percentage of the selling price).
- Lawyer or notary fees and closing administration.
- Mortgage payout and discharge fees.
- Any agreed repairs or credits to buyer.
Fixtures vs chattels — the legal difference
This is where deals break. Fixture = attached to the property. Chattel = movable personal property. Use clear language in the offer:
- List items you expect to stay.
- Confirm condition and working order if included.
Actionable checklist (for buyers and sellers)
Buyers:
- Ask for a written list of included items in the offer.
- Budget for closing costs beyond the selling price.
- Verify fixtures in a pre-closing walkthrough.
Sellers:
- Provide a clear list of excluded items to avoid disputes.
- Calculate net proceeds: selling price minus commissions, legal fees, mortgage payoff.
- Negotiate any credits for repairs in writing.
Bottom line
The selling price is the agreed purchase amount for the property and its permanent fixtures. It does not automatically include personal items or cover closing costs and legal fees. Be precise in your offer. Write down what stays and what goes.
Need clarity for your next sale or purchase? Tony Sousa is a local realtor who will break down your net proceeds, inclusions, and closing costs in plain language. Contact: tony@sousasells.ca | 416-477-2620 | https://www.sousasells.ca
