seller's closing costs

The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.  You might be interested in using a Seller's Estimated Net Sheet (compliments of Hillsborough Title) to assist you in crunching the numbers.

The information noted below does not include lender fees or escrows for taxes and insurance. You need to discuss these particular charges with your lender of choice.

 

CUSTOMARY CLOSING COSTS TO SELLER

If the seller has not yet paid for the house in full, the seller's most important closing cost is satisfying the remaining balance of their loan. Before the date of closing, the escrow officer will contact the seller's lender to verify the amount needed to close out the loan. Then, along with any other fees, the original loan will be paid for at the closing before the seller receives any proceeds from the sale. Other seller closing costs can include:

• Real estate commission and any transaction/processing fees applicable
• Taxes prorated to date of closing
• Documentary stamps on the deed are calculated at .70 per $100 ($100,000 = $700)
• Owners title insurance policy and related title services
• Pay off existing mortgage
• Recording fee for satisfaction of mortgage
• Federal Express and/or Courier fees
• Home warranty, if applicable
• Underwriting and/or Processing fees
• Doc prep fees
• Repair contingencies (if any)
• Processing release fee of seller's mortgage
• Homeowner's Association Estoppel letter (verification of no HOA liens)

 

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SUCCESS STORY:  "When we first put our house on the market, our previous agent (from another real estate firm) did not recommend the right price nor did he know how to market the property. After several months we decided to take it off the market. We were very unhappy.  When we came to you, you told us how you thought it should be marketed. It was priced right and marketed properly. You put our house on-line on Thursday. We had people interested that same day. We had several people view our property over the weekend; had at least two parties wanting to purchase, and had it sold for full-suggested price by Monday. It doesn’t get any better than that.  Yet it did get better. When we went out with you to find a new house we were able to find the right one on the first day. You were very helpful in arranging financing and keeping the closings on track. Thank you and congratulations.”

Gary and Ann Worthley (Land O’ Lakes)