Not all real estate agents will go over your closing costs when speaking with you about selling your home. Some will avoid talking about a real estate agents commission and other costs involved when selling your property. Our sellers closing cost calculator can help you get a better understanding of how much it will cost you when selling your home. Below is an outline of what a seller’s closing costs can include.
You can use what you think the estimated sales price for your home will be. To get a more accurate price, your SoldNest agent will give you a free home value estimate with your marketing plan.
How much you can make from the sales of your home is calculated by taking your homes sale price, and then subtracting your mortgage balance and total closing costs.
The seller is responsive for paying the commission to their listing agent, as well as the buyer's agent. The total average real estate commission usually ranges between 5-6%. Most of the time this is split between the buyer's agents brokerage and your listing agents brokerage.
When you sell your home with SoldNest, you only pay a total real estate commission of 4% – 1.5% to SoldNest and 2.5% to the buyer's agent. If the buyer is represented by a SoldNest buyer's agent, you'll only pay a commission of 3% – 1.5% to your agent and 1.5% to the buyer's agent. Depending on your homes sales price, your savings can be in the tens of thousands.
When you sell your home you, your mortgage balance will be paid from your home sale proceeds. To get the most accurate number, you can look on your most recent mortgage statement, or call your lender and ask them for a payoff amount.
A requirement of the seller's closing costs is title insurance. When you pay title insurance you're paying for the buyer's title insurance policy, which protects them from an liens, any competing claims of someone else saying they have an ownership interest, etc. If getting financing, the buyer is also required to purchase title insurance, but this policy is a policy that protects their lender from the same potential circumstances.
The escrow company is the neutral third party in a real estate transaction. They handle the exchange of money and any necessary documents related to the transaction. The costs charged to the seller are the fees for the services provided by the escrow company.
Depending on the city and county you're located in, you may have a property transfer tax that you need to pay. Most counties have a transfer tax, which is paid by the seller, but not all cities have a real estate city transfer tax. Your SoldNest agent can give you a break down of the exact transfer taxes that you'll be required to pay.
These fees can include a recording fee, a notary fee, inspection fees, homeowners association fees (if you have a HOA), and any other fees that you might be required to pay.
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