Phoenix Condo Mania

Closing Costs for Sellers - What to expect

Closing costs for the seller vary depending upon the title company, the HOA, the concessions asked for by the buyer (such as home warranty) and taxes owed by the seller (since taxes are billed in arrears).

Here is a list of items usually paid for by the seller:

  1. Seller’s escrow  fee –  paid to the title company for services surrounding the escrow and closing process, usually a percentage of the purchase price.  usually, this is half the amount required by the title company.  The buyer pays the other half.
  2. Title insurance – this fee protects the new owner from any title problems found after they purchase the home.   This is usually a percentage of the purchase price.  The buyer may be paying an additional title insurance fee to protect his lender from title problems.
  3. Any prorated association dues not paid
  4. HOA transfer fees, statement fees and other fees.  These fees can vary significantly, but usually are a few hundred dollars. Your HOA organization will give you these fees. 
  5. Prorated taxes - You'll be responsible for taxes that haven’t yet been paid (Taxes are paid in arrears, so the seller often will pay the buyer for taxes that haven’t been assessed yet).
  6. Home Warranty – this is usually asked for by the buyer – cost is around $400-$500.
  7. Miscellaneous document and recording fees – usually not more than $200.
  8. Real Estate Commissions – We charge 6% of the purchase price.  3% is paid to the agent that brings the buyer. 

We work with our condo sellers to estimate these closing costs so you are not surprised at the Close of Escrow.  Contact us if you are looking for a condo expert to help you sell your home.

 

 

 

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Information Deemed Reliable But Not Guaranteed. The information being provided is for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This information, including square footage, while not guaranteed, has been acquired from sources believed to be reliable.

Last Updated: 2018-05-22 06:32:34