Home Selling in Potomac>Question Details

Xxx,  in Beverly Hills, CA

What are the total closing costs for a seller in Montgmery County ?

Asked by Xxx, Beverly Hills, CA Thu Jun 13, 2013

Help the community by answering this question:



Attached is a great article that outlines closing cost in Montgomery County.


I hope this helps!

Bridgette "Kyria" Chase
Exit Bennett Chase
301.974.71110 | mobile
1 vote Thank Flag Link Thu Jun 13, 2013
Tali, I have a simple worksheet I can send you that shows exactly how much you'll pay based on your sales price.

Shoot me an email and I'll send it along: piero@tibercreekre.com
1 vote Thank Flag Link Thu Jun 13, 2013
That is an excellent question because this varies for each county. The average closing costs for sellers in Montgomery County is about 1.5-2% plus the commission for the real estate brokers who represent both parties.
0 votes Thank Flag Link Thu Jun 13, 2013
Hi Tali,

All of these are good answers. For a more simple approach, I usually tell my clients about 9% of the sales price. This includes the following assumptions:

* 6% for realtor fees
(could be different, but for this number of 9%, 6% is from realtor fees. If you had realtor fees at 7%, the total would be 10%. If your realtor fees were at 5.5%, this number would be 8.5%, etc.)

* 1.1% for transfer and recordation taxes/fees
(this assumes you split 50/50 with the buyer and you are in montgomery county)

*1.5-1.9% for closing costs
(includes settlement charges from the settlement company/attorney, water escrow, other misc fees, etc.)

If you use this line of thinking for an estimate, when you get to the settlement table you should be happy. You can also ask the settlement company to run a preliminary HUD-1, which will break down all the costs, line item by line item. When you list the home, your realtor should have given you a "Costs of Closing Estimate" sheet. Let me know if you did not receive that or would like me to send you a copy.

0 votes Thank Flag Link Thu Jun 13, 2013
Your total closing costs will be determined by your listing agreement and your ratified contract. For example, do you have a Realtor representing you? Each listing has a different commission because there is no set real estate commission. Commissions are always negotiable. Are you paying closing costs for the buyer? Some buyers will ask for 3% or more of the sale price as a seller concession which will be applied to their closing costs. Are you splitting the transfer and recordation taxes in Montgomery County. That is an amount that also is negotiable but in total adds up to about 2.2% of the sales price. Typically they are split between the buyer and seller, but again, can be negotiated in the contract. Are there any repair credits? Have you paid your taxes for the year? If so, the buyer will credit you back the remaining taxes for the year because you will no longer own the property. The same is true for condo fees and front foot benefit charges. In addition, the title company may collect a last mortgage payment because you pay your mortgage in arrears (like a credit card rather than a rent payment.)Finally, there will be some fees to record your loan payoff and to prepare the deed and to overnight your loan payoff which will total about $300-500, and a water escrow to pay the last month's water bill. I generally suggest that a seller use a title company's website to get a good idea of their expected closing costs because each situation is so different. I like to use Paragon Title's site - I think it is very easy to navigate. If you want me to run the numbers for your specific situation, I would be glad to help.
0 votes Thank Flag Link Thu Jun 13, 2013
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