Home Buying in Minneapolis>Question Details

suzleg, Home Buyer in Minneapolis, MN

Average closing costs for the seller of a residential property in Minneapolis, MN

Asked by suzleg, Minneapolis, MN Tue May 8, 2012

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Hi,
Your agent or title company should have this for you in a nano sec. Count on 1.0% to 1.5% of sales price for closing costs. Total cost to sell is different as it will include Realtor fees.
0 votes Thank Flag Link Tue May 8, 2012
There's a long list of potential costs, some that apply in all cases, others that are particular to the buyer's offer, such as seller contributions to buyer's closing costs. The base costs are as others have stated- 1%-1.5% of sale price. The total of costs to sell can range between 7% and 10%.
0 votes Thank Flag Link Tue May 8, 2012
The closing company you choose to use should be able to supply you with an estimate of the closing costs. The agent representing you should also be able to help, and so if you get an estimate from the closing company, you should share that information with your agent. Sometimes, the agent will find some things that the title company overlooked, like a fee due to the brokerage, or an agreement to pay a percentage of the buyer's closing costs.
0 votes Thank Flag Link Tue May 8, 2012
Hi susieg!

Good for you for making sure you're informed!!! There are so many variables when it comes to the costs (i.e. the price of the home, taxes, how proration is handled, seller paid contributions to buyers, etc) that estimates on what sellers would generally pay as a percentage of their sale price would really be a stretch. I've heard some folks say 1%, but I've seen that be more the exception rather than the rule.

On top of that, throw in whether or not the transaction is lender mediated in some way, and then you've got a real pickle!!

I would ask your agent what the fees are for your particular transaction. If this is a traditional sale, those fees should include: 1. State deed tax
2. Title company fee
3. Real estate commission
4. possible proration of taxes
5. possible broker admin fee
6. conservation fee to state of MN

There may be other fees, depending on your particular situation, like your mortgage pay offs, interest payoffs, etc.

Agents can render a better opinion based on real case scenarios.

Good luck!!!
0 votes Thank Flag Link Tue May 8, 2012
approx 1% of the selling price give or take on the generous side
0 votes Thank Flag Link Tue May 8, 2012
I usually tell my clients to estimate 1.0-1.5% of their sale price, unless the property sells for a price less than 100k. Some of the closing costs are "fixed fees" for services by the closer and title company, so for the lower priced properties, the basic costs are a larger percentage.
Your listing agent is the best person to ask, as they can do a much more thorough job of providing your estimated closing costs, based on your actual taxes, specific fees related to your municipality, etc.
0 votes Thank Flag Link Tue May 8, 2012
I would say for an average you can count on 1% for any sale price above $100,000. If you have delinquent taxes or city assessments that can raise the amount significantly.
0 votes Thank Flag Link Tue May 8, 2012
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