Interest Rates and Real Estate Market Reports

Closing Costs When Selling A House

This list is strictly an estimate and should in no way be held as the true and actual cost. Costs vary based on companies used. Also, depending on the offer, you may pay part of your buyers fees.

 

 

Closing Costs – Most of these are small fees, but can add up to thousands when calculated. Ask your lender to get you these estimates for your state.

The act of actually selling your home happens in the closing phase, which contains costs that many consumers are unaware of when selling their home:

–         Recording Fees: The cost associated with recording a new deed. The cost is typically split between both the buyer and the seller at the county recorder’s office.

–         Attorney Fees: A fee that pays for the services rendered by the closing attorney. –

Tax Service: This is a one-time-only fee for setting up tax payments, charged by the lender.

–         Title Insurance Fee: This fee is associated with the seller ensuring that he/she is giving the buyer a clear title to the property.

–           Transfer Tax: This is a state specific rate.  Here in Georgia, the transfer tax is $1.00 per $1,000 of the purchase price.

–         Re-conveyance Fee: Fee to clear the title of the lien and reestablish the deed of trust to the seller.

–         Home Warranty Plan: This may be an optional fee for a one year warranty that the seller pays.

–         Form 1099: The 1099 form is required by the IRS to report the sale of a property

–         Pest (termite) inspection: If a pest inspection is required or requested, the property will be inspected for pests that can cause structural damage to a home, this may already be included in the home inspection costs.

–         Courier Fees: A lot of paperwork changes hands during the closing process, you may be required to pay a courier fee to use a service to get the required documents to and from the respective parties (lender, title company, escrow firm, and county)

–         There may be other fees that are paid by the seller if the seller agrees to them  during the negotiations with the buyer. Sellers can agree to pay any or all closing costs depending on the mutual understanding between the two parties.

 

Choose an Agent to help you with the process

With the help of a qualified real estate agent, you are more likely to sell your house quickly and maximize your value. You need someone who knows how to sell a Worcester County house and is familiar with the rules and regulations in the area.

As you can see, it can be quite costly to sell a house. Ensuring that you have the best chance to sell your home means spending a little extra. Remember, it is important to look at all costs separately to determine whether you can afford to sell your house before committing to it.

To help you make in making the decision to sell contact The Davis Team and we can connect you with an agent to estimate your specific costs.

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