as a home seller, what is my cost on the settlement day?

Asked by Linn, Reading, PA Sat Apr 26, 2008

i had just received " standard agreement for the sale of real estate, i need to know what should i be careful with before i sign the agreement. and what is my cost if the house do sold.

Help the community by answering this question:

+ web reference
Web reference:

Answers

4
Terrence Cha…, Home Owner, Allentown, PA
Sat Apr 26, 2008
Are you currently working with an agent? If so, they should be giving you the answers to your questions. If you are selling a home on your own, you really should get with a real estate attorney. Anything further should not be construed as advice.

I have no idea what the contract states. That being said, typically in a real estate transaction with dealing with an agent, you have the sale price of the home, minus any commissions, subtract the real estate transfer tax, subtract any seller concessions, property taxes are usually prorated. School taxes are based on the fiscal year and local taxes are based on the fiscal year.

Depending on where you are, you may need to get a Use and Occupancy certification before the transfer. Those would be your major costs involved. There are some other smaller costs incurred.

But as I said, get with your agent (if you have one) or get an attorney.

Terrence Charest
3 votes
, ,
Mon Apr 28, 2008
Linn,

As a seller you will have the following fees associated with your closing. Any pro-rated taxes which may either be credited back to you or that you will credit the buyer, realtor commision, transfer tax depending on where your at could range from 1-3%, deed prep, and then any attorney expenses. I wish you luch
2 votes
Joan Seward, Agent, Royersford, PA
Mon Apr 28, 2008
Hi Linn,
If you have a real estate agent, they should go through the Agreement of Sale with you in detail. From a general perspective, your costs will be commissions (if any), transfer tax (Reading city is 2.5%, the rest of Berks is 1%), and miscellaneous fees such as notary fees, deed preparation, and tax certifications. Expect them to be $200-300. You should be reimbursed for prepaid property taxes. These figures are based on a "standard" contract. You will need to go through yours with a fine tooth comb, and make sure you're not being asked to pay other things, such as a seller assist, or the buyers transfer tax. In Reading, the city wants to do a property inspection at the buyers expense. Surrounding townships such as Muhlenberg and Mt. Penn will do them at the seller's expense. If you have more specific questions, let me know.
1 vote
Wa Macdonald, , Pittsburgh, PA
Wed Nov 4, 2009
Linn, you can estimate your net proceeds for the sale of your home on my web site. Your expenses will be a real estate agency commission (if you’re using an agency), a deed transfer tax (assuming you and the buyer are splitting the fee), and about $750 in miscellaneous fees. If there’s a seller assist, in other words if you’re paying some of the buyer’s closing costs; that will reduce your proceeds.
0 votes
Search Advice
Search
Ask our community a question
Home Selling in Reading Zip Codes

Email me when…

Learn more