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Michael Pham, Real Estate Pro in Raleigh, NC

What are common closing costs for a seller besides commissions?

Asked by Michael Pham, Raleigh, NC Mon Apr 14, 2014

I am working as a sellers agent for the first time and am trying to determine how much the sellers will net after closing costs and proceeds. If you guys could give me a comprehensive list of common closing costs associate with sellers that would be greatly appreciated!

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Revenue Stamps which is $2.00 per $1000 of selling price; A pro-rated portion of the property taxes based upon closing date; any unpaid HOA dues if any that cover the period prior to closing; typically about $250 in misc for the attorney to cover deed prep and over nighting any payoffs to lender; any closing costs negotiated in the contract to be paid for by the seller; home warranty expense if part of the contract; plus any outstanding bills as part of inspection requests by the seller.
0 votes Thank Flag Link Wed Jul 16, 2014
In NC sellers pay deed recording fees, commissions, anything from the repair request, maybe a home warranty if it is in the contract. They may also have to pay for attorney's fees for doc preparation. Its best to contact an agent in your office to see if the your firm requires any additional fees.
0 votes Thank Flag Link Tue Apr 15, 2014
Would be a good question to ask your managing broker, and/or your title company. Here in CO we use title companies to handle our closings, not attorneys. The title co can give you an estimate of "net proceeds".

Here are some typical seller closing costs (besides commissions):

Title insurance (which varies from place to place, property to property)
Closing Fee (here in CO it's about $300, typically split 50/50 between buyer & seller)
Recording Fees
Prorated amounts for taxes, HOA dues, water/sewer, etc.
Seller Concessions (aka Buyer's closing costs that the buyer is asking the seller to pay)
And of course their loan payoff amount.

Hope this helps!
0 votes Thank Flag Link Mon Apr 14, 2014
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