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How Much Are Closing Costs for Seller?

When a real estate transaction takes place, it’s not only the buyer who bears the whole expense. Seller also has to pay some costs in a real estate transaction. These costs are called seller closing costs.

What are Closing Costs?

The stage of the house selling process known as closing is when funds and papers are exchanged in order to give the buyer possession of the purchased property. Both the buyer and the seller fulfill their obligations under the contract in a successful closing.

Who Pays Closing Costs?

Closing costs are a multitude of fees that are contributed by both buyers and sellers at the completion of a property deal. Buyers closing fees might range from 2% to 6% of the sales price. The closing expenses for sellers could amount to 8% to 10% of the property’s final sale price.

How much are Closing Costs for Seller?

Closing costs for seller are made up of several expenses that includes taxes, fees and services that differs as per your location. The majority of the closing costs incurred by the seller are subtracted from the sale proceeds. Although purchasers have larger expenses during the closing of a home, the seller frequently bears the cost of both brokers’ commissions.

Property Closing Costs:

  1. Home Inspection fee
  2. Home Warranty Fee
  3. Utility Bills
  4. Owner’s Title Insurance
  5. Municipal Lien Search
  6. Credits Towards Closing Costs

Mortgage Closing Costs:

  1. Mortgage Payoff

Administrative Fees:

  1. Attorney fees
  2. Escrow fee
  3. Settlement Fee/Escrow Fee
  4. Real Estate Agent Commission

Government fees and real estate taxes:

  1. Property taxes
  2. Documentary Stamp/ Transfer Tax

HOA Fees:

  1. Homeowner Association (HOA) Fee/ Document Fee
  2. HOA Estoppel Fee

Seller Closing Costs

RegionStates/CitiesAverage Seller Closing Costs
NortheastStatesClosing Costs for Seller Connecticut | Closing Costs for Seller Maine | Closing Costs for Seller Massachusetts | Closing Costs for Seller New Hampshire | Closing Costs for Seller Pennsylvania | Closing Costs for Seller New York | Closing Costs for Seller New Jersey | Closing Costs for Seller Rhode Island | Closing Costs for Seller Vermont
MidwestStatesClosing Costs for Seller Illinois | Closing Costs for Seller Indiana | Closing Costs for Seller Iowa | Closing Costs for Seller Kansas | Closing Costs for Seller Michigan | Closing Costs for Seller Minnesota | Closing Costs for Seller Missouri | Closing Costs for Seller Nebraska | Closing Costs for Seller North Dakota | Closing Costs for Seller Ohio | Closing Costs for Seller South Dakota | Closing Costs for Seller Wisconsin
SouthStatesClosing Costs for Seller Alabama | Closing Costs for Seller Arkansas | Closing Costs for Seller Delaware | Closing Costs for Seller Florida | Closing Costs for Seller Georgia | | Closing Costs for Seller Kentucky | Closing Costs for Seller Louisiana | Closing Costs for Seller Maryland | Closing Costs for Seller North Carolina | Closing Costs for Seller Oklahoma | Closing Costs for Seller South Carolina | Closing Costs for Seller Tennessee | Closing Costs for Seller Texas | Closing Costs for Seller Virginia | Closing Costs for Seller Washington | Closing Costs for Seller West Virginia |
WestStatesClosing Costs for Seller Alaska | Closing Costs for Seller Arizona | Closing Costs for Seller California | Closing Costs for Seller Colorado | Closing Costs for Seller Hawaii | Closing Costs for Seller Idaho | Closing Costs for Seller Montana | Closing Costs for Seller Nevada | Closing Costs for Seller New Mexico | Closing Costs for Seller Oregon |Closing Costs for Seller Utah | Closing Costs for Seller District of Columbia | Closing Costs for Seller Wyoming |

Conclusion

The bulk of closing fees in a property deal are usually covered by the buyer, although sellers also have to cover some expenses. As a seller you must be aware about closing fees because they can significantly affect your profits. Remember that closing costs are additional to other expenses related to selling a property, such as home maintenance, staging fees.

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