First-Time Seller Tips: Understanding Closing Costs

BH-seller tipsThe process of listing and selling your home can be complex and emotional, especially if you’re a first-time seller. Depending on how long it’s been, you may remember certain conversations and stipulations from when you purchased your home, but now, as a seller, your responsibilities are different. Understanding closing costs and who is responsible for each will ensure that there are no surprises during your home transaction.

Typical Seller Fees

There were many things to be excited about when you purchased your new home, and not having to pay the real estate commission fees was one of them. As the seller, it is now your responsibility to cover those costs. You are also responsible for the costs of state revenue stamps and certain attorney fees, including faxes, copies, courier to pay off the mortgage, and the deed preparation. If you and the seller negotiate a home warranty, you are responsible for that coverage, as well (usually covering the buyer’s first year in the home).

Read More: First-Time Seller Tips: What Your Closing Costs Mean?

Typical Buyer Fees

Many of the buyer’s costs are associated with his or her research of the property. The buyer will cover the fees associated with the home inspection, appraisal, and survey (if one is performed). The buyer is also responsible for the title insurance, recording fees for the deed, fees associated with getting the home loan (including origination), and the attorney fee for closing.

Read More: First-Time Buyer Tips: What do My Closing Costs Mean?

Shared Fees

There are several closing costs that are shared between the buyer and the seller. Your real estate agent can give you a better idea of how these are typically handled for properties like yours. These include prorated property taxes, prorated homeowners association fees, and any recording fees to satisfy the deed of trust.

It sounds like a lot to remember, so we’ve created this infographic to help you during your home selling process:

 

First time home seller tips: Understanding closing costs.

 

Beverly-Hanks is Committed to You

Your Beverly-Hanks associate works directly with you to make certain deadlines are met, documents are distributed, and all details are accounted for. Our proactive management and attention to detail will help make your transaction is efficient and seamless. Click here to learn more about selling your home with Beverly-Hanks & Associates.

 

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