Closing Cost Checklist
At the closing, the good news is, most of what you’ll be paying out at closing will come out of the sale proceeds.
- Real estate agent commissions
You, as the seller, will be paying the entire 5% – 6% commission, to be split between the buyer’s agent and listing agent.
- Transfer tax
Your city or state may require you to pay transfer taxes, as a small percentage of the sale price.
- Capital gains tax
If you earn less than $250,000 on your home sale (or $500,000 if you’re married and filing jointly), don’t worry — you won’t owe a thing in the way of capital gains taxes. But if you earn more than that, you’ll want to look further into the matter. Once you’ve subtracted things like the costs of preparing the property for sale from the supposed gains, you may not owe the tax.
- Other closing costs or credits to the buyer
You might have agreed — based on local tradition or buyer negotiation — to pay various of the standard costs associated with closing the deal, such as fees for the escrow company; the mortgage and home appraisal; recording and transfer of the property; homeowners’ and title insurance; and more. If your local real estate market is sluggish, buyers may also ask you to pay all or a hefty portion of the closing costs, which typically add up to 2% to 4% of the selling price.
- Moving costs
Asking your friends with pickup trucks to help can save you some dough — but will take a lot more time. Sometimes it’s worth paying for the deluxe treatment, where the company packs your boxes for you, transports them to the new location, and
- Title Charges
$1,000 up based on sale price. Title insurance policy insures that the title is free of liens or encumbrances. Costs include title search and examination as well as issuance of the insurance policy. Cost varies based on purchase price.
Does not apply to condominiums or leasehold properties.
- State Transfer Tax
- County Transfer Tax
- City Transfer Tax
- Recording Fee
- Property Tax Prorations
Varies based on closing date and amount of property taxes owed
- Attorney Fees
$800-2,000 but varies
Specific percent of sale price Based on your Exclusive Listing Agreement
All data is deemed reliable but is not guaranteed accurate by the MLS or RE/MAX Metro.
All information regarding a property for sale, rental, taxes or financing is from sources deemed reliable. No representation is made as to the accuracy thereof, and such information is subject to errors, omission, change of price, rental, commission, prior sale, lease or financing, or withdrawal without notice. All square footage and dimensions are approximate. Exact dimensions can be obtained by retaining the services of a professional architect or engineer.
All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. Equal Housing Opportunity.