Tuesday, January 21, 2014

Do Seller's Have Closing Costs?

Do Seller's Have Costs Associated with Selling?

by +Sarah Marrinan - Keller Williams Premier Realty 


OK, so what are they? Here is a list of home sale related expenses that sellers may incur but don't let this list intimidate you.  Not all items apply to all sellers. You really need to consult an agent to decide what expenses are applicable to you.

Potential Seller Expenses at Closing

Pay-off Present Mortgage
Interest Adjustment
Pay-off 2nd Mortgage
Pay-off Home Equity Line
Mortgage Courier Fee 
Seller Paid Buyer Closing Costs 
VA Funding Fee
VA Closing Fee 
FHA Service Fee 
1 Month Association Dues (if HOA)
Association Letter Prep. Fee (if HOA)
Special Assessment Search
Special Assessment Levied or Approved
Future Pending Special Assessments
Brokerage Fee
MLS Buyer Broker Portion
Partners Title Closing Service Fee
Broker Retainer Fee
State Deed Tax 
Other Title Charges
Estimated Recording and Transfer Fees
Balance of Real Estate Taxes Due
Homeowner's Warranty 
Well Disclosure Filling Fee 
MN Conservation Fee 
Septic Compliance 
Water Test 

Some services that may or may not be included in your brokerage fee: Home inspection, Home Repairs/Handyman, Staging, Cleaning, Landscaping, Professional Photos, and Movers.

And we can't forget, some people will have capital gains tax... http://www.irs.gov/taxtopics/tc701.html

Need a list of expenses specific to you?  Call me for a free consultation. (Hint, my contact info is in the side column of this blog.)

See Also:

How To Save Money For Buying a Home | Tips for Selling Your Twin Cities Home | Four Horrible Real Estate Mistakes To Avoid | Housing Market Updates

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