Thinking of selling your home? Wondering how much money you should set aside to cover closing costs?
Simply put, closing costs are the fees the buyer and seller of a home pay to various third parties on the closing date to finalize the deal.
Closing costs to expect:
- Broker commission is a full-service fee and will cost anywhere between 5% to 7%.
- Local property tax, county transfer tax, state transfer tax, and state capital gain tax are the charges that you’ll pay for the privilege of selling your home. Credit to buyers of unpaid real estate taxes for the prior or current year are variable and depend on when you close and when your taxes are due.
- Home inspection fees are in some cases paid for by the seller and include pest, radon, and other inspections.
- Miscellaneous Fees can occur from correcting problems noticed during the home inspection.
- Grantor’s Tax is a tax paid by sellers at the time of their closing, this tax is normally paid by sellers, not buyers.
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