What are the typical Seller closing costs?
Some typical seller closing costs may include the following. Note: what party pays for some of these costs may be negotiable under the Purchase Agreement, and not mandatory to be paid by either the buyer or seller. • If the seller has not yet paid for the house in full, the seller’s most important closing cost is satisfying the remaining balance of their loan. Before the date of closing, the escrow officer will contact the seller’s lender to verify the amount needed to close out the loan. Then, along with any other fees, the original loan will be paid for at the closing before the seller receives any proceeds from the sale. • Broker’s commission • Transfer taxes • Documentary Stamps on the Deed • Title insurance • Seller’s portion of the escrow holder’s fee • Property taxes (prorated) • Homeowner’s association transfer fee and fee to provide documents • Homeowner’s association dues (prorated) • Pest control inspection and work to be done for clearance • Property taxes (prorated) – read
