Closing Costs – Fees and Expenses Associated with Selling Your Home

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When to Sell a Home, the savvy homeowner must be aware of the costs associated with such a sale. While these costs vary depending on the location of the home, many of the costs are universal.

First and foremost, if there is a mortgage on the home that has not been satisfied, the balance will be deducted from the proceeds of the sale. This also includes any second or additional mortgages. The lender wants to compute the actual balance due the date of the sale and provide this information to the title company in advance.

Property taxes are thus calculated through the date of sale and deducted from the proceeding. If there is an outstanding property tax bill, this too will deducted from the seller's portion of the proceeds at closing. The property taxes must be current in order to be finalized.

If the seller obtains the services of a professional real estate agent, the commission will be paid to the broker at the time of closing.

A title of insurance policy. The cost of title insurance is based on the home price.

In some locales, utilities must be through the date of closing. For example, the water company may come to a final meter reading just before closing and informing the title company of the final water bill due and owed. This bill wants to be deducted from any proceeds.

The seller wants to get a governmental transfer tax which will vary by municipality.

Another governmental charge will be the cost of releasing the mortgage, if any. This fee is minimal.

If there is a dispute against the seller, it's possible that any of it has been applied to that judgment. This would also include any mechanic that has been placed against the property.

Attorneys fees are thus charged to the seller at closing. At minimum, an attorney is required to prepare the warranty.

An optional charge would be given to home buyers. In most instances, this is paid for by the seller and is deducted from the proceeding. Offering this warranty may help sell a house faster.

It is in a seller's best interest to speak to a professional home buyer or Realtor to obtain a more precise estimate of charges for their particular region. This will be done, and the expenses that will be charged to their bottom line. Bear in mind, the seller wants to pay the expenses. Therefore, they live in a big city like Philadelphia or a smaller rural area in the Midwest.

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Source by Joshua Weidman