What am I responsible for paying when selling my home? Do I get to keep all the equity?

Suzanne Wright
Other/Just Looking
Pearland, TX

I do not owe anything except the one mortgage. I will have about $50,000 in equity. What about taxes, insurance, any hidden fees, etc. I will not owe any realtor fees.

Answers (3)
Margaret T Hatc...
Agent
Montgomery County, TX

Suzanne
Title company fees and misc. fees are approx $700 can be more or less. Title insurance has to do with your selling price.
You will pay Taxes to the date of closing _ (Even if you have an escrow account - you will receive a refund later) You may pay for a transfer of the POA - Most Realtors put in a cut off of $125 for the seller and You may pay for a home warranty($350. and you may have to make some repairs.
In Texas the buyer usually pays for the survey.
None of this is written in stone but these are the fees and the way they are paid in a smooth transaction.
If you tell us the price rang of the house we can tell you the title policy cost, it is the same with all Title Companies in Texas.
Margaret

Web Reference: http://www.century21.com
Tue Jan 13 2009, 17:38
Bruce Lynn
Agent
Texas

It depends on the price of your house and what you have agreed to in your contract.
Potentially about 2-3% of the closing costs will be yours.
Doc prep fees, attorney fees, escrow fees, title insurance, prorated taxes, possibly a survey.
This would also assume you have not agreed to pay any of the buyers closing costs.

Web Reference: http://www.teamlynn.com
Tue Jan 13 2009, 10:30
T.E. Sumner
Agent
Rockwall, TX
FIRST ANSWER

Closing costs are usually negotiable between buyer and seller, meaning potentially you could walk away with that, but typically you will be required to convey the property with clear title.

Your portion of taxes up to closing date are normally collected to account for your occupancy until then. It is similar to your electricity and water. You can cancel your homeowner's insurance once you close, which will generate a refund to you from the closing date until the renewal date on your policy.

Most other fees are typically paid by the buyer for his loan and inspections plus his insurance etc, except real estate commissions, which you said you won't owe.

Tue Jan 13 2009, 09:35

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