Closing Costs to Expect as a Seller
By Andrew Hong with Excel Realty
When selling their home, many people forget to consider the many hidden costs that come with every transaction. Â These hidden costs are normally called "closing costs". Â Below is a list of common ones that you should expect when selling your home:
- Title insurance fees depend on the sales price of the home.
- Broker's commissionÂ is a full-service fee and will cost anywhere between 5% to 7%.
- Local property transfer tax, county transfer tax, state transfer tax, and state capital gains taxÂ are the charges that you'll pay for the privilege of selling your home. Credit to the buyer of unpaid real estate taxes for the prior or current year are variable and depend on when you close and when your taxes are due.
- FHA feesÂ and costs are all fees are now negotiable between an FHA buyer and seller.
- Home inspections feesÂ are in some circumstances paid for by the seller and include pest, radon and other inspections.
- Miscellaneous feesÂ can accrue from correcting problems noticed during the home inspection.
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