Home Selling in 06516>Question Details

Shoehoard, Home Seller in 06516

Can someone tell me what kind of fees I'm looking at when selling my house.?

Asked by Shoehoard, 06516 Fri Apr 5, 2013

Can someone tell me what kind of fees I'm looking at when selling my house. I just found out about the conveyance tax in Connecticut and the extra $2K we'll have to bring to closing. Can anyone lay out all the possible fees, taxes, etc. we're gonna have to bring to the table?

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0 votes Thank Flag Link Fri Nov 15, 2013
Hi Schoehard, you are correct. If you paid your taxes up until July and you close in May you will get a credit for May and June. If you do not close and pay your taxes in July and say you close in August-you will get credit through Jan. You may be right on the conveyance tax but I would definitely double check with an attorney on those percentages as well as their fees and any others. If you do need a qualified realtor to list your house, I would be more than happy to work with you. We are voted #1 in New Haven County. Julie Lucia, Realtor, Coldwell Banker Realty 2000, 203-578-5631; julie@julierealestate.com
0 votes Thank Flag Link Sat Apr 6, 2013
Well if you prepay your taxes you should be getting a credit for that portion to offset most of the other costs.
0 votes Thank Flag Link Sat Apr 6, 2013
Let me ask about the property taxes. The last property tax I paid was in Dec. and the next one will be in July? If the buy closes at the end of April, I'll get a credit back? So property taxes are paid Jan-July? So I'm looking at a credit back for the months of May and June possibly?

I am just wanting to be clear on if I owe property taxes or if I'll be credited.

I also thought it was .75% to the state for conveyance tax and .25% to the local municipalty (basically 1% of the sales price) that was charged. Town is West Haven.
0 votes Thank Flag Link Fri Apr 5, 2013
Hi Shoehoard, if you do list it with a real estate agency, the normal commission would be 5% or 6% of the total sale price. The attorney you use will also charge a fee and would definitely recommend you speaking to one or I can refer you to several who can go over all the exact fees and approximate costs with you. If you already paid your property taxes and/or gas or oil, you will get a pro rated credit at closing depending on the closing date. I hope that is helpful. If you have any further questions or would like a free comparative market analysis of your home, please feel free to contact me. Julie Lucia, Realtor, Coldwell Banker Realty 2000, 203-578-5631, julie@julierealestate.com.
0 votes Thank Flag Link Fri Apr 5, 2013
Hi Shoehoard,

Selling fees are fairly straight forward and here are the three primary expenses.

1. Broker fees - Listing your home with a REALTOR (not all agents are REALTORS) will cover marketing the home, provide you with someone working with your interests being put first, a skilled negotiator and assistance through the minefield of home inspections and helping with Buyer's financing being secured. If a Buyer comes with their own agent, the Buyer's agent is normally paid a portion of the listing agents fees that you have in your listing agreement. That makes the Buyer Broker's involvement free to the Buyers in most cases. Listing broker fees are not fixed - they vary and are negotiated between Sellers and their agents. If you list your home by Owner (FISBO), then you'll be paying for print ads, on-line ads, signage, attending showings, dealing with Buyers or their agents if you offer Buyer Broker commissions, negotiating the purchases agreement price/terms, handling appraisal inspections, home inspections, and then attending your closing.

2. Conveyance taxes to the town and state. They are normally 0.75% unless you are in certain towns or your selling price exceeds certain price levels.

3. Attorney fees. Your attorney will prepare the deed and handle paying off your mortgages. You'll get reimbursed for prepaid property taxes and fuel in your home's tanks.

Hope this info helps.

Greg Hanner, REALTOR, Broker, e-PRO
0 votes Thank Flag Link Fri Apr 5, 2013
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