If you are in the process of selling your home, you are likely paying close attention to your home’s value and the remaining balance of your mortgage and are hoping to garner a generous profit off of your home sale.
However, if you haven’t already, remember that you need to take into account the closing costs that you will have to take on during the sale of your home.
Buyers pay closing costs, but so do sellers. Depending on your home’s location, your closing costs will vary; however, they will generally amount to between 6 and 8 percent of the home’s sale price. In most cases, they will be deducted from any profit you make off the sale of the home.
Closing fee: Paid to the title company or attorney’s office where all parties meet to close on the home.
Loan payoff costs: This will be higher than the remaining balance of your loan due to prorated interest. You also may have to pay a penalty for paying off your loan before the end of the term.
Transfer taxes or recording fees: Taxes imposed by state and local governments for the transfer of the title.
Attorney fees: If you have your own settlement attorney.
Agent fees: Commission fees to the real estate agent or Realtor.
Other fees could include liens or judgments against the property, unpaid homeowner association dues, prorated property taxes and homeowner association dues, the home warranty premium or repair costs based on the home inspection.
Being aware of closing costs is part of being an informed seller, and it will help you avoid any surprises when it comes time for your home to sell! If you have questions about closing costs, and for your real estate needs in the Auburn-Opelika area, contact Ryan Roberts today at 334-750-9872, or [email protected]! #ClosingCosts #Seller #SellingMyHome #AuburnRealEstate #OpelikaRealEstate #AuburnRealtor #OpelikaRealtor #AuburnAL #OpelikaAL #BerkshireHathaway #HomesAuburn #RyanRoberts
