In addition to real estate commissions, the seller of a property can expect to pay an average of $3,500 in closing costs when selling a property. However, when working with The Local Realty we offer a free escrow to the seller (avg. $2,000 savings)
Here is what you can expect to pay for at closing when selling:
- ✔ Any and all delinquent taxes
- ✔ Tax proration (for unpaid tax at time of transfer of title)
- ✔ Any unpaid homeowner dues (HOA dues)
- ✔ City conveyance/transfer tax
- ✔ Compliance to any minimum mandatory government retrofit standards (smoke / CO2 detector installation and water heater bracing)
- ✔ Document preparation fee for the Deed
- ✔ Documentary transfer class
- ✔ Home warranty (est. $500)
- ✔ Natural hazard disclosure source report (est. $95
- ✔ Owners title insurance (est. $1,650)
- ✔ Real estate commissions for both sellers and buyers agent (average 4-6%)
- ✔ Recording charges to clear all documents of record against seller
- ✔ Seller escrow fee (avg. 1% of sale price)
- ✔ Seller notary fees (avg. $95)
- ✔ Inspection for septic or private sewer systems (avg. $350)
- ✔ Termite inspection (est. $95)
- ✔ Termite work (average $2,500)
The Buyer Can Expect to Pay For:
- ❏ All new loan charges (loan points, discount points, processor fees)
- ❏ New lender charges
- ❏ Appraisal
- ❏ Credit report fee
- ❏ Buyer escrow fee
- ❏ Buyers title charges
- ❏ Buyer notary fees
- ❏ Property inspections
- ❏ Any additional inspections desired and needed
- ❏ Fire insurance premium for the 1st year
- ❏ Interest on new loan from date of funding to 30 days prior to 1st payment date
- ❏ Recording charges to all documents in buyers name
- ❏ Tax proration (from date of acquisition)