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Answers (11)
- Michael Helton
- Contributions:456
Do not get a copy of expenses from a Realtor, as they have a conflict of interest in getting you to buy/sell. It is too easy for costs to be forgotten or misrepresented.
Go to your state's real estate website and look up the mandatory or customary rates. Or, if you are being lazy, ask your Title company for a good faith estimate on the purchase. They do get some fees for a sale (therefore there could be some bias) but it is minimal and they are the people who deal with the final numbers and may give you a more accurate picture.
- Sharon Lewis, "Sharon Lewis"
- Contributions:3923
Ask your realtor to give you a copy of typical expenses you may incur.
- rockinblu
- Contributions:7202
A helluva celebration party should be one for sure.
- Gregory Laywell, "GregoryLaywell"
- Contributions:3
You're getting a lot of the same, "It depends" which is the only sure thing that anyone can tell you. When market's are down (like now) buyer's have the advantage because it's difficult to sell homes so, seller's are willing to do more than the "next guy" to sell. In my experience, seller always pays the largest title insurance policy and in most cases, here in Texas, 3% of sales price is a fair amount to ask for towards closing costs and prepaid items. In this real estate market and depending on the length of time that the house has been listed for sale you probably can get more than 3%. Real Estate commissions are paid by the seller unless the buyer elects to pay their realtor outside of closing (which is rare). Remember, make sure your loan officer is licensed, you can verify at www.nmlsconsumeraccess.org
- erasmo garcia, "razz garcia"
- Contributions:5
MOST FEE'S ARE NEGOTIABLE.
IN A MORTGAGE TYPE SALE CHECK WITH LENDER.
ON A SELLER FINANCE TRANSACTION IT IS ALL UP IN THE AIR, WHAT EVER IS NEGOTIATED.
IN A MORTGAGE TYPE SALE CHECK WITH LENDER.
ON A SELLER FINANCE TRANSACTION IT IS ALL UP IN THE AIR, WHAT EVER IS NEGOTIATED.
- ocalaflhomesforsale
- Contributions:7
If you were selling a [link removed by moderator] the customary costs included broker fees, title insurance costs, state doc stamps and prorated taxes. There may be some other misc fees. A good idea is to get an estimate from a local title insurance company.
- Holt Brian, "Brian Holt"
- Contributions:44
Most everything is negotiable, but typical in Texas is a owner's title insurance policy, pro-rated taxes, and 50% of the escrow fees. From there it depends on what your agree to keep the deal alive.
- Myesha Molenda, "MyeshaME"
- Contributions:118
The seller usually pays for the Realtors commission on both sides, since if its split. The seller pays for the title Search and the 1st year of the home warranty if necessary. Some other things are negotible such as the home inspection. if repairs are needed you will have to pay also or credit it to the buyer at closing
- Nina Rogoff, "Nina Rogoff"
- Contributions:28
It depends on where you live.
In Massachusetts, sellers pay Massachusetts Tax Stamps. This is a certain amount per thousand dollars of the sales price of your home. The amount depends on which county you live in. It is paid to the Mass. Dept. of Revenue. In Norfolk County, for example, it is $4.56 per thousand dollars.
Massachusetts sellers must also pay for Title V inspections if the property has a septic tank, rather than public sewer connection. Contact the company that pumps your septic to find out what they will charge. (Approx. $700-$900).
There's also a Mass. Smoke Detector and Carbon Monoxide Detector certificate that the seller has to provide. The inspection is done by the local fire department. The cost is minimal. In my town it's $20.
Massachusetts sellers also pay to have a new deed recorded at the registry which is approx. $100-$150.
Other sellers' fees include the real estate commission, attorney's fees, and miscellaneous fees such as recording fees, processing fees to discharge mortgage, courier services, etc.
In Massachusetts, sellers pay Massachusetts Tax Stamps. This is a certain amount per thousand dollars of the sales price of your home. The amount depends on which county you live in. It is paid to the Mass. Dept. of Revenue. In Norfolk County, for example, it is $4.56 per thousand dollars.
Massachusetts sellers must also pay for Title V inspections if the property has a septic tank, rather than public sewer connection. Contact the company that pumps your septic to find out what they will charge. (Approx. $700-$900).
There's also a Mass. Smoke Detector and Carbon Monoxide Detector certificate that the seller has to provide. The inspection is done by the local fire department. The cost is minimal. In my town it's $20.
Massachusetts sellers also pay to have a new deed recorded at the registry which is approx. $100-$150.
Other sellers' fees include the real estate commission, attorney's fees, and miscellaneous fees such as recording fees, processing fees to discharge mortgage, courier services, etc.
- Wei Younts, "Wei Younts"
- Contributions:349
Do you mean what you have to pay. let's say buyer did not ask you for any repairs. You will pay around 6% commission. Escrow fee 1000-2000. Lona interest after last payment. Taxes prorated and insurance and any utility bills you should pay.
- Cynthia Bell, "CyndiBell"
- Contributions:329
In Texas, seller typically pays for title insurance; the rate is based on sales price, customary title charges like document preparation and fees to the county/state. You are also responsible for the pro-ration of property taxes and HOA dues if applicable and if your using a realtor, the average is 6% commission based on contract sale price of home. As an estimate you can use 2% of sales price for title charges and 6% of commission as a start point. Title charges can vary from Title Company to Title Company.
Hope this helps.
What are the standard expenses incurred by the seller?
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