Seller's Approximate Closing Costs 
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1. |
Legal Costs |
$600.00 to
$900.00 |
| |
(Varies, depending on attorney
and complexity of transaction) |
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2. |
Liens |
|
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a. Mortgage |
_________________ |
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b. Mortgage Cancellation
Fee |
$ 40.00 to $
75.00 |
| |
c. Other Liens |
_________________ |
| |
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3. |
Realty Transfer
Tax |
|
| |
(Fee determined by selling
price of property) |
$ 4.00 per $ 1,000
|
| |
|
(Up to first
$150,000) |
| |
|
|
| |
|
$ 6.70 per $
1,000 |
| |
|
($150,000 to
$200,000) |
| |
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|
| |
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$ 7.80 per $
1,000 |
| |
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(Amount over
$200,000) |
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|
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Reduced Fee |
$ 1.00 per $
1,000 |
| |
(Senior Citizen, Disabled,
Blind, Low and Moderate Income) |
(Up to first
$150,000) |
| |
|
|
| |
|
$ 2.50 per $
1,000 |
| |
|
(Over
$150,000) |
| |
|
|
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New
Construction |
$ 3.50 per $
1,000 |
| |
|
(Up to first
$150,000) |
| |
|
|
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|
$ 5.00 per $
1,000 |
| |
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(Over
$150,000) |
| |
|
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4. |
Adjustments |
|
| |
(Either a credit or charge to
adjust for payments made prior to or beyond the closing date) |
|
| |
a. Tax |
_________________ |
| |
b. Oil in
Tank |
_________________ |
| |
c. Home Owner's Association
Fee |
_________________ |
| |
|
|
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5. |
Certificate of Occupancy (If
Applicable) |
$ 50.00 to $
100.00 |
|
6. |
Smoke Detector/ Carbon
Monoxide Certificate |
$25.00 to $
100.00 |
|
7. |
Real Estate
Commission |
_________________ |
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Disclosure Laws >Defects Must Be Revealed
Disclosure laws make it important to reveal all material defects when you are selling a home. It is important to be absolutely candid with your agent and all buyers about the condition of the property. If there is anything wrong with the roof, the plumbing, the wiring or structure, it will probably not remain a "sleeping dog". The problem will probably wake up, snarl, growl and snap at your ankles at the precise moment your buyers feel their first stirring of buyers' remorse.
It is unlikely that defects will go undetected, because most buyers get a home inspection before they are contractually obliged to complete the purchase. Even if the problems do not surface before the closing, your liability does not end after the closing for any defects you may have forgotten to report. Buyers almost never accept misrepresentation graciously, but they can usually deal with a house that is short of perfection if they know what they are getting into from the beginning. When selling your home, your real estate agent will provide you with a seller's disclosure form. Protect yourself by clearly describing any material defects prior to the sale.
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| Q |
What was a sure way to accumulate wealth through the 1970s and early 1980s?
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| A |
Many people made their fortunes in real estate during this period. |
See More Real Estate Trivia > |
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