When I sell my home, what all comes out of the sale price?

Asked by Matt, Salt Lake City, UT Tue Jan 27, 2009

I know that as the seller, I have to pay my agent's commission and the selling agent's commission. What else comes out of the sale money?

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Coni Otto’s answer
Coni Otto, Agent, Burtonsville, MD
Tue Jan 27, 2009
Hi Matt,

The short answer is ask your Realtor to contact a title company and ask them to run a hud1 on your property for the most accurate amount you pay. Your Realtor can also figure it out if you give them your mortgage payoff, If you sell it using a Real Estate Agent you will need to add 6% Realtor Fees to the seller side.

Sellers pay the REaltors who list and sell their house so 3% to the selling agent and 3% to the agent who sells your house.

Hope this helps, Coni Otto
Web Reference:  http://www.coniotto.com
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Edith Karoli…, Agent, Winnetka, IL
Tue Jan 27, 2009
Hi Matt,
When you list your property with a listing agent, that listing agent can assist you at the beginning of the listing discussions with giving you a net to seller sheet, that states some app. numbers of items you need to pay for as the seller, and yes you are right one is the full commission percentage on the sale price, which of course you do not know until you have a fully negotiated and signed contract.

But then there are closing costs, recording fees, attorney fees, title & title company fees, possibly a transfer tax although Utah may not have one, surveyor fees, all outstanding taxes etc. Once you talk with an experienced Realtor in Salt Lake City, he or she will be able to give you at least a good estimate of what your costs will include and how much it will be.... So ask your listing agent to give you that information based
on experience from other closings....
If you need a referral I gladly would give you the names and contact info of trusted Realtor Colleagues of mine, just let me know...
0 votes
Dallas Texas, Agent, Dallas, TN
Tue Jan 27, 2009
GREAT QUESTION: it depends on your listing agreement for realtors fees, there are some flat fee listing agents.

Closing costs, repairs, realtors fees (based on listing agreement), unpaid taxes, advertising costs,

Confer with CPA determine potential tax write off sales of property.

Review all costs with your listing agent.
Web Reference:  http://www.lynn911.com
0 votes
Cheryl Lyon, Agent, Draper, UT
Tue Jan 27, 2009

Generally, the largest amount is the payoff of your mortgage(s). Secondary are to bring current your property taxes and water/sewer utilities, title insurance, title company fees, and any items negotiated with your buyer.

We are fortunate that Utah does not have a transfer tax. Utah's Realtors work hard to ensure your private property rights.

Cheryl Lyon
Coldwell Banker Residential Brokerage--Utah
0 votes
Ron Templeman, , Middletown, DE
Tue Jan 27, 2009
Most states have a transfer tax that comes out of a transaction. In my state (Delaware) it's 3%. 1/2 is paid by the buyer and 1/2 by the seller. Other fees may be recording fees and courier fees to pay off any existing mortgages. Your state may have other fees. Consult a Realtor or real estate attorney.
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