What are closing costs? Part 5: Seller Closing Costs

home selling closing costs renoPart five of this five part series on closing costs applies to sellers. This series is prefaced with the fact that many closing costs are negotiable and customary costs can differ from city to city. This series is a general overview of what to expect at the closing table. Go to “Part 1: Recurring Closing Costs“, “Part 2: Non-Recurring Closing Costs“,  “Part 3: The Bottom Line“, and “Part 4: I Can’t Afford Closing Costs” to see what your potential buyers are up against.

Just as in purchasing a home, a seller will have closing costs in order to complete a transaction. While there aren’t any recurring closing costs, except those horrible 100 year builder transfer fees, any seller will have non-recurring closing costs.

 

These fees include but are not limited to:

  • Commissions
  • Prorated Taxes
  • Prorated Sewer Fee
  • Prorated HOA Fee
  • Recording Fee
  • Repair Allowance*
  • Title Insurance Policy
  • Escrow Fee*
  • HOA Transfer Fee* (May not be applicable)
  • HOA Document Fee (May not be applicable)
  • Reconveyance Fee
  • County/Local Transfer Tax*
  • Loan Amount Payoff
  • Pre-Payment Penalty (May not be applicable)
  • Miscellaneous Fees (Notary, courier, etc.)
  • Buyer Closing Cost Concession*
 *Denotes payor of fee can be negotiated between buyer and seller prior to offer acceptance even if it isn’t customary for the area.

When selling your home the highest offer doesn’t always mean the best. Take into consideration the closing cost negotiation within an offer. All you really need to care about is the net take home at the end of the day. Have your real estate agent, escrow officer, or attorney prepare an estimated net sheet prior to accepting an offer.

Looking to sell your home or wanting to know if you can sell? Contact Ricky at (775) 750-1437 or Ricky@Resnv.com.

Ricky Beach

Managing Broker|RealtorŽ|CDPEŽ|SFRŽ

Renown Real Estate Services

6900 South McCarran Blvd., Suite 3040

Reno, NV 89509

| Office:(775) 313-9600 |  Cell:(775) 750-1437  | Fax:(775) 562-4779  |


| Ricky@Resnv.com  |  Blog  | Search For HomesForeclosure Help  |

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 To reduce liability from the sue happy: This is not intended to be a complete list of your closing costs. Your actual fees may be different as negotiated in your contract. Read your Purchase agreement and your lender’s documents carefully and make sure you understand the terms. You’re advised to consult  legal counsel, a CPA, or financial advisor.
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