Home Selling in 80134>Question Details

Emily Miller, Both Buyer and Seller in 80134

What closing costs is a seller typically responsible for?

Asked by Emily Miller, 80134 Sun Mar 8, 2009

We're considering selling our condo and we're first time sellers. Other than the fees to our realtor what other closing costs might we expect to pay? Knowing that buyer closing costs typically range from 5-8% of the purchase price, is there a similar percentage range for the seller's closing costs?

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Answers

7
Susan Boyken’s answer
Emily,

The first thing to know is that many of your closing costs are negotiable. In the contract, you can negotiate for the seller, buyer, or half and half to pay different costs. Even the agent's percentage is negotiable. If you have an HOA, you can call the HOA for their costs to close and their transfer fees. The title companies also all have slightly different costs depending on who you choose.

I can give you an estimate on how much it may cost, but I would need to find out some of your specifics.

I would be happy to help if you are interested.

Susan Boyken
Coldwell Banker Residential Brokerage
0 votes Thank Flag Link Tue May 7, 2013
Emily,

In most cases Buyers ask for 3% to cover closing costs, I have found typical lenders can usually do the same deal for 2-2.5% of purchase price. If you are paying all the closing costs for the buyer then you can expect to pay all the title fees (which you should plan on either way) and a bunch of other costs. We are all in the business to make money and help our clients and your listing agent will be able to advise you of all the costs, for both sides. This way you can figure what to expect to pay and know you will be dealing with a offer that is good for both sides of the transaction. I hope this helps!

Mark Kinslow II
Coldwell Banker

ps If you are dealing with a FHA 203K streamline offer, the closing costs will come out to 4% and keep in mind every lender is different, but always beat down the buyers to 3% or less (the lender is just making money off anything above that in most cases)
1 vote Thank Flag Link Sun Mar 8, 2009
Hey, Emily hope your well...it really just depends on what kind of services you need. If you just want basic listing services, 5%-6% depending on the agent. If your having financial difficulty sometimes the fee is handled by the Lender and free to you. And some agents like myself, have incentives and discounts that can make listing your home ALMOST FREE, but if you have any other questions or need specifics on these items mentioned, give us a ring and we'll get clarification for you. Lynne~ Parker Realtor, HGTV Featured Expert
0 votes Thank Flag Link Tue Mar 26, 2013
Emily,

If you like, I can give you a filled out sample Seller's net sheet with some explanations of the cost.
just send me a quick email. Let me know if you have excel, if so - it can be interactive so you can play around with different scenarios.

Regards,

Bill Fung bfung@kw.com
Web Reference: http://www.billfung.com
0 votes Thank Flag Link Mon Mar 9, 2009
You can ask your Realtor to give you a "Seller's Net Sheet". That will break down the costs and answer this question.
There are some title fees, closing fee, title insurance and a few other fees that the seller must pay. Like the other answers stated that the buyer may ask you to pay the 3% that the Buyer must pay as well.
0 votes Thank Flag Link Mon Mar 9, 2009
In the metro Denver market, it is customary for the seller to pay for a title policy (this is based on the amount of coverage), half the closing fee ($125-175 per side), deed releases ($50 per release). You may have to pay to transfer the HOA to the new owner, and you may have other transfer fees, but Parker does not have a transfer tax. Taxes, HOA fees and any continuing items are prorated so the seller pays through day of closing and buyer pays after. A percentage formula does not work, but a fairly accurate closing estimate can be established using the asking price on the condo.
In Colorado, every one of the fees is negotiable as to who pays; so when I say customary, it is common to most transactions but not mandatory. For instance, although most sellers select the title insurance company, should a buyer request their title insurance company be used, it is likely the seller would suggest buyer pay for the policy.
I would not rely on out of state information to estimate a closing, every market is different.
0 votes Thank Flag Link Sun Mar 8, 2009
Hello Emily

Here in FL our sellers are responsible for about 3% of the purchase price in closing costs in addition to the commissions paid to the realtors. After you select a realtor and find out who they work with for closing, either a title company or an attorney, call around, that can sometimes save you money. Also, here in FL, if you have purchased your home in the past 2 years you can receive a "credit" toward a new title policy. You need a copy of your old one, that is also a good question to ask in your area. Good Luck, I wish you a quick and painless sale!

Heather Jackson, Realtor
Exit Realty of Lakeland
1715 S. Florida Ave
Lakeland, FL 33803
Cell: 863-670-0655
Email: Heatherjacksonfl@aol.com
0 votes Thank Flag Link Sun Mar 8, 2009
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