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We all want to know how much money we're going to walk away from the closing table with. This is an important factor in looking for a new home. But don't forget that there are costs in selling your home. So to figure out a rough estimate of your net proceeds, consider the following:
From the estimated sales price, subtract:
- Payoff figure on your present loan(s)
- Broker's commission
- Any prepayment penalty on your mortgage
- Attorney's fees, if any
- Unpaid property taxes
There are some items that can be paid be either party. We can tell you whether local customs or rules expects the seller or the buyer to pay for the following items:
- Title insurance premium
- Transfer taxes
- Survey fees
- Inspections and repairs for termites and the like
- Recording fees
- Homeowner Association transfer fees and document
preparation
- Home protection plan
- Natural hazard disclosure report
Of course, local customs or rules aren't written in stone. You and your buyer can agree upon any payment arrangement that works best for the both of you. Your REALTOR® will assist you in estimating what your final closing costs will be.
It is difficult to predict what the exact closing costs will be when you negotiate with a particular buyer.
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