Selling Your Home--7 Hidden Costs You Need To Know
Just like buying a home, selling a home has costs that first-time sellers don't always know about.
That's why we thought we'd list some of the most common costs associated with buying a home.
1. Sales Commission-The seller pays the listing fee, which varies. Some base the fee on the price of your home. Some agents charge a flat fee. Generally, fees range between 4%-6%.
That's why we thought we'd list some of the most common costs associated with buying a home.
1. Sales Commission-The seller pays the listing fee, which varies. Some base the fee on the price of your home. Some agents charge a flat fee. Generally, fees range between 4%-6%.
2. Sales and Transfer Taxes--These vary by state and are based on a percentage of the sales price of your home. The buyer also has to pay the tax. You have the option of negotiating with the buyer to split the tax fee. some municipalities impose a local transfer tax.
3. Home Improvements--This can include landscaping, replacing carpets, bathroom and kitchen touchups, painting, landscaping, and even staging your home. It can also include repairs you need to make following a home inspection.
4. Title Insurance--In Virginia, the buyer pays for this. However, if the seller is paying closing costs, then the owner's policy can be included.
5. Closing Service Letter--Required by the lender.
6. Escrow Fees--Also called attorney fees. These are payments placed in escrow until closing, then paid to the parties that are due the funds.
7. Loan Payoff--This includes your existing mortgage and and lines of credit.
8. Property Taxes--These must be paid off in full at closing.
Just as in any transaction, there are miscellaneous fees. Think termite inspection and remediation, homeowner fees, home warranty premiums, and so on.
Buying and selling a home takes a lot of preparation. Before you put your home on the market, talk to your local banker. Find out what the typical fees are to help you prepare. To learn more about title insurance, please contact us! Here at Lilly Title & Settlement, we believe in empowering both buyers and sellers.
3. Home Improvements--This can include landscaping, replacing carpets, bathroom and kitchen touchups, painting, landscaping, and even staging your home. It can also include repairs you need to make following a home inspection.
4. Title Insurance--In Virginia, the buyer pays for this. However, if the seller is paying closing costs, then the owner's policy can be included.
5. Closing Service Letter--Required by the lender.
6. Escrow Fees--Also called attorney fees. These are payments placed in escrow until closing, then paid to the parties that are due the funds.
7. Loan Payoff--This includes your existing mortgage and and lines of credit.
8. Property Taxes--These must be paid off in full at closing.
Just as in any transaction, there are miscellaneous fees. Think termite inspection and remediation, homeowner fees, home warranty premiums, and so on.
Buying and selling a home takes a lot of preparation. Before you put your home on the market, talk to your local banker. Find out what the typical fees are to help you prepare. To learn more about title insurance, please contact us! Here at Lilly Title & Settlement, we believe in empowering both buyers and sellers.
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