Whenever a real estate deal transpires, the buyer is not the only party responsible for all costs. The seller also has to contribute for some expenses, which are called seller closing costs.
What are Closing Costs?
The expenses that are paid by both seller and buyer at the conclusion of a real estate deal is called Closing Costs.
Who Pays Closing Costs?
Closing cost to sell a house include a myriad of expenses that are shared by both buyer and seller at the closing of a property purchase. Closing costs for buyers typically fall between 2% and 6% of the sale price. Considering sellers typically pay broker commission, seller closing expenses typically range between 8% to 10%.
What are costs of selling a house?
Sellers have to pay a few expenses like taxes, fees and for other services while closing the property deal. The majority of the seller’s closing costs are deducted from the sales proceeds. The cost of both brokers’ commissions is commonly covered by the seller, despite the fact that buyers typically have to pay more closing costs.
Here is a list of the closing costs that sellers can expect in a real estate deal:
Property Closing Costs:
- Home Inspection fee
- Home Warranty Fee
- Utility Bills
- Owner’s Title Insurance
- Municipal Lien Search
- Credits Towards Closing Costs
- Mortgage Closing Costs:
- Mortgage Payoff
- Attorney fees
- Escrow fee
- Settlement Fee/Escrow Fee
- Real Estate Agent Commission
Government fees and real estate taxes:
- Property taxes
- Documentary Stamp/ Transfer Tax
- Homeowner Association (HOA) Fee/ Document Fee
- HOA Estoppel Fee
Cost to Sell House
As a seller you must know exactly what you will be responsible for paying at closing of a property transaction. A large portion of closing fees in a real estate transaction are normally covered by the buyer, although sellers also have to cover some expenses. Remember that closing costs may vary according to changes in local tax rules, lending fees, and title and settlement fees.
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