Tuesday, March 29, 2022 / by Ameil Gill
AVOID HOME SELLING SURPRISES - CLOSING COSTS
One of the most frequently asked questions I get is how much will it cost to sell my home?
On average, selling your home will cost you around 7-10% of your home's sale price. Here are the main fees are broken down:
1. Commission. On average, sellers pay 56% of the sale price as commission fees, divided between the listing and buyer's agent.
2. Transfer tax. This is a tax levied on the transfer of ownership or title on a property. This tax can range anywhere from 1-3% depending on your municipality.
3. Document prep/attorney fees. These costs are typically minimal. This is the price to manage the closing of the transaction, which includes the signing and recording of the closing documents and the deed.
It is important that your agent puts together a seller net sheet for you to review, which is a document that estimates how much cash you will receive once you subtract the expenses associated with selling your home, as well as your mortgage payoff amount.
Wondering how much you could walk away with if you sold your home right now? Let's chat I would be happy to give you an estimate based on your home's current market value!
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