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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