When selling a house, a seller can expect to pay a variety of costs, including:
- Real estate commission: This is typically the largest expense for a seller, and is usually a percentage of the sale price. Commission rates can vary, but are typically around 5-6% of the sale price, with half of the commission going to the seller’s agent and half going to the buyer’s agent.
- Closing costs: These are costs associated with transferring ownership of the property, and can include title insurance, escrow fees, and recording fees. Closing costs can vary depending on the state and the lender, but typically range from 1-4% of the sale price.
- Repairs and inspections: If the buyer requests repairs or inspections as a condition of the sale, the seller will be responsible for covering the costs.
- Property taxes: If the property has not been sold by the end of the tax year, the seller will be responsible for paying any outstanding property taxes.
- Marketing expenses: This can include costs associated with advertising and promoting the property, such as professional photography or staging.
- Legal fees: The seller may have to pay for legal representation or other legal fees associated with the sale.
It’s important to note that the cost and regulations can vary from state to state, so it’s best to consult with professionals such as real estate agent, lawyer and accountant to be aware of the exact cost and regulations that apply to your specific location.