Closing costs can seem to be endless, annoying in nature and end up in a lot of cash. Closing costs are itemized in the closing statement, which can be referred to as a HUD-1, the settlement statement, and of course the closing statement. The net effect is that the seller ends up with less cash after paying all the closing costs on their [City] home.
A buyer’s closing costs typically range from 2%-7%, where the seller’s costs can be increased by 4%-7% just for the agent’s fees.
As a seller, here is what you can expect to pay in closing costs:
- Cost of the survey
- Broker’s commission
- Broker’s processing fee
- Courier fee to pay off the loan
- Title insurance
- Recorded release of the mortgage
- Lenders fees
- Prepayment penalties
- Local city, county, and state transfer taxes, and state capital gains taxes
- Credit to the buyer of unpaid real estate taxes
- Interest on loans to be paid off
- Attorney’s fees
- FHA fees and costs
- Condo/co-op move out fee
- Homeowners Association transfer fees
- Paid utility bills
- Certificate of compliance with building and zoning codes
- Home inspection fees
- Home warranty
- Homeowner association reserves
- Other credits to the buyer
- Unpaid mortgage or home equity loan, or line of credit
- Upside down loans
- Notary fees
As you can see, the seller pays many fees from the proceeds of the sale of their Mammoth Lakes home. Most of these will apply no matter where you are, some will not. This list will also vary from state to state, city to city. Make sure you talk to your real estate agent or real estate attorney to find out what will have to be paid ahead of time.
When you are ready to put your Mammoth Lakes home up for sale, call me at 661-979-9000 or email me at Sonja@sonjabush.com to schedule an appointment to talk.
Seller closing costs
Broker’s processing fee