Common use of Expenses Incurred on the Sale and Purchase of a Transferred Employee’s Principal Residence Clause in Contracts

Expenses Incurred on the Sale and Purchase of a Transferred Employee’s Principal Residence. 1. Actual brokerage fee to a licensed realtor up to a maximum of seven percent (7%) of the first $100,000 and three percent (3%) on the balance of the selling price of the employee's principal residence, providing the home is sold within three (3) months of the transfer. If the residence is not sold within three (3) months, the brokerage fee to be paid will be based on an appraisal at the time of transfer or the actual sale price, whichever is the lower. The brokerage fee is to be supported by receipts. 2. Actual legal expenses up to a maximum of the tariff schedule of the Law Society of Alberta providing the fees are supported by receipts. 3. Actual lender-assessed interest penalty upon breaking a first mortgage up to a maximum of three (3) months. The penalty fee is to be supported by receipts.