Home Selling in 19130>Question Details

Laurie, Home Seller in 19130

How much do I have to pay as the seller of a house in Philadelphia? I am trying to figure out the net amount that I will receive.

Asked by Laurie, 19130 Wed Mar 28, 2012

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Laurie, besides commission and transfer tax, there are other amounts that impact your net amount.

Do you have a balance on a mortgage? That will have to be paid off.

How about any personal liens - child support, etc. They have to be paid off, too.

You'll get a credit for the portion of any taxes you already paid that covered you past whatever settlement date you negotiate. For example, if your taxes cover you from Jan 1 through Dec 31 and you close on the sale of your home June 30, you are only responsible for the taxes through June 30 and you'll get reimbursed for the rest of the year. The same type of thing happens on water and sewer.

I'm not sure if Phila has any permits required when you sell your home. Many of the suburban municipalities require a Use and Occupancy permit when a property changes hands and most times, that includes an inspection for health and safety items. Typically, the seller pays for both the permit and the inspection. The repairs are usually the seller's responsibility too but most of these are negotiable.

Check with your listing agent for an estimate of closing costs to get an idea of how much you would walk away with from the closing table.
0 votes Thank Flag Link Mon Apr 2, 2012
Commissions are negotiable, however in Philadelphia you will need to pay a 2% Transfer Tax at closing. The buyer also pays 2%. When you choose a Realtor, they should go over an estimated net amount with you. If you need any help in selling your home contact me, I would be happy to help you out!
0 votes Thank Flag Link Wed Mar 28, 2012
Commissions are always negotiable between you and your agent, there are no set standards; therefore interview in person a few local agents from different realty companies, then choose the one you like best and who has the most to offer; choose your agent with care, and not by commission alone.
0 votes Thank Flag Link Wed Mar 28, 2012
You will not get any answers here because commissions are not discussed here and we have no idea how much you owe on your house. Contact some real estate offices in your area and speak to a Realtor.
0 votes Thank Flag Link Wed Mar 28, 2012
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