What will it cost to Sell my House?

Thinking about selling?

Here's what you should know about what you will have to pay.

These are the main items which are usually deducted from the sellers' proceeds at closing.

(You should note that there may be additional expenses - this is not an exhaustive list.)

1.  Mortgage Pay-off

If you borrowed money to buy your current house then probably the biggest cost to you when you sell will be repaying that loan.
It is common for monthly mortgage statements to include a 'current balance' showing how much you still owe on your loan.  The actual pay-off will be a little different and will probably include some fees.  You should request this information directly from your lender.

2.  Realtor Commissions

Your listing agreement will detail how much commission you will have to pay your Realtor when the house is sold.  This amount will be paid at closing from the proceeds of the sale.



3.  Attorney Fees

Attorney's prepare the paperwork and conduct the closing.  Seller's should expect to pay around $500-900.

4.  Taxes on the Sale (sometimes called Revenue Stamps)

In North Carolina you will pay $1 per $500 of the sale (rounded up to the nearest $1).  This is normally a seller cost.

5.  Property Taxes

Depending on when your property taxes are due and whether you have paid them for the year you may have to give the buyer a credit at closing toward the property taxes.

For example if bills are usually mailed at the end of the year for that year's taxes but you are moving in April then you will give the buyer a credit for the number of days you owned the property and they will pay the bill in full when they receive it later in the year.

6.  HOA

Some HOAs charge a transfer fee.

7.  Buyer Concessions

Buyers may ask the seller to contribute toward their closing costs.  This is common with first time buyers but any buyer could request this and it will be part of your negotiation.  If you agreed to pay closing costs then this will be subtracted from your proceeds at close.
Buyers may also ask you to purchase a Home Warranty and contribute to repairs and again, if you have agreed to do so this will be deducted at closing.

Being aware of the potential costs of selling your home will help you to make a good decision about whether to sell and to avoid surprises at closing.

Are you thinking about selling?

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Louise Norton

704 408 0733

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PO Box 481487, Charlotte NC 28269

What to Expect at Closing?

Buying or selling a house can be a stressful experience.  There are so many things to think about!

Don't hesitate to ask your Realtor about the process.

I tell all my clients that no question is too small and that they shouldn't hesitate to ask.  

Here are some of the things which I get asked about most frequently.

Do I have to come to Closing?

• Most of the time all of the buyers and all of the sellers will attend closing. 

• Arrangements can be made for the closing to go ahead without you there. This may take some time to organize so make sure the Attorney knows ahead of time.

Who else will be at Closing?

• In North Carolina the Closing transaction will usually be completed at an Attorney's office and an Attorney is responsible for co-ordinating the transaction.  
• At a typical closing you will see the buyers, the sellers, the closing Attorney, and two sets of Real Estate Agents at the closing table.  
• Real Estate Agents do not have to attend but usually do to offer advice and ensure that the transaction runs smoothly.  
• You may also see other professionals represented - a representative of the lender for example.
• There is no requirement for the buyers and sellers to be in the same room at the same time to close.

What should I bring to Closing?

• Make sure you know ahead of time what amount of money you need to bring to closing.  Some Attorneys will require that the money is wired, others will accept a Certified Check - make sure you ask.  A personal check or envelope full of cash will not be acceptable for closing!
• The Attorney will also need to see a photo ID so make sure you bring your driver's license.
• If you have had a recent name change which may affect the paperwork at closing make sure the Attorney knows ahead of time so that the correct names appear on the paperwork.

How long will closing take?

• If all parties are attending the Closing and the Buyers are using a mortgage then the closing will  take much longer than if there is a cash buyer  and the seller is closing remotely.  
• The Attorney will usually give a brief explanation  of every piece of paperwork which needs to be  signed and in most cases buyers should expect to  spend 30-45 minutes at the closing table.  
• Sellers usually have less paperwork to sign and their side of the transaction can be completed more quickly.

What can go wrong at closing?

• In the vast majority of cases closing runs smoothly.  All parties to the transaction have provided all the information ahead of time and any questions about the parties or the property have been answered before you get this far. 
• In some cases, however, a deal can fail even at this late stage. Disputes around repairs may come up or some detail about the physical property may be disclosed which should have been disclosed earlier. 
• Careful planning and research ahead of time is always wise but it is also good to be aware that nothing is FINAL until the closing is complete and the deed recorded.

What happens after closing?

• Even after the paperwork is signed the sale is not complete.  
• The Attorney will still need to arrange for the deed to be recorded and commonly you should not expect to receive the keys to your new home until this is complete.  
• After Recording is complete the keys will be released and the Attorney will disperse the various funds. Sellers should make arrangements with the Attorney to receive their funds either by check or by wire to their bank. 

All closings and all Real Estate transactions are different so make sure that you get up to date and reliable information from a Realtor as you work through your sale or purchase.

Looking for an Expert to Guide You Through 

Your Real Estate Transaction?

Call/Text/Email Any Time
Real Estate Advice, Local Knowledge & SO Much More!

Louise Norton

704 408 0733

louise@charlotteandthelake.com

charlotteandthelake.com