Four Seasons Sotheby's Int'l Realty
At the end of the real estate transaction come the closing costs. For seller costs, this can come to a significant amount of money on the closing date. However, the more you know about how closing costs are calculated, the better prepared you'll be for completing your home sale. Here are the most important things to know:
Closing costs for sellers vary based on multiple factors. Luckily, there are plenty of online calculators and other tools available for estimating your total closing costs. You'll need to combine property taxes, closing fees, title insurance fees, escrow fees and attorney fees with commissions paid to real estate agents.
Sometimes a seller can offer to cover the whole closing costs for the purchaser. This can help you win over a potential buyer in a competitive marketplace. A purchaser can ask for concessions in exchange for completing negotiations.
In some cases, buyers may ask for an offer to cover an issue found in a home inspection. Talk to your sales agent to find out if there's an alternative option to match your goals.
Closing costs will vary from one sale to the next, but sellers can typically expect to pay around 8% to 10% of the home's total sale price. The largest part of this percentage comes from real estate agent commissions, which can be as high as 6% of the purchase price. Other cost variables include local tax rates, homeowners association fees, legal fees and title insurance fees.
Your total seller closing costs will be due when you sign your final loan documents on the closing day. Make sure to have everything prepared to complete the transaction, as delays in closing can end up costing you more.
Once the seller pays closing costs and all the paperwork is signed, the sale is considered completed. Keep these basics for how and why sellers pay closing costs, and you'll be better prepared for every step of the process.
I was born and raised in the town of Newbury, Vermont. Before, during, and after obtaining my Bachelor’s degree from Johnson & Wales University in Providence, Rhode Island, I worked in the hospitality industry throughout New England. One of my proudest achievements is being one of the youngest Certified Sommeliers, having passed the exam at the age of 21.
Each client and customer comes to the table with a different set of needs and wants. Utilizing my career history and life experience allows me to apply those elements to each Real Estate endeavor. I take great pride in providing a creative and innovative experience to everyone I work with by utilizing current technology and trends. I also provide professional-level photography and videography including production not only for my seller clients but also for buyers who are looking at a property from afar.
