Here are the five closing costs sellers will pay for in the transaction.
Many sellers wonder what they’ll pay in closing costs, which you need to know to budget for your transaction. So here are the five closing costs you’ll pay as a seller:
1. The commission. This is the largest closing cost and is usually paid for by the seller. You’ll pay a fee to your real estate agent for listing your property, and typically your agent will share that with the buyer’s agent. This is all negotiable, but generally, that’s how it works. If you’re selling a $500,000 house and the commission is 6%, you’ll pay $30,000.
2. Deed stamps. Also called a transfer fee, it’s $3.70 per $1,000 in South Carolina. So if you’re selling a $1 million house, you’ll pay $3,700.
3. Deed preparation. This is normally about $250 to $300.
4. Wire transfer fees. These are miscellaneous, minor fees such as mailing fees or paying for power of attorney.
5. Additional prorated fees. The lawyer will prorate your homeowner’s fees, taxes, and insurance.
If you have questions about closing costs or any other real estate matter, call or visit my website. I would love to help you.
Posted by Betty Gales on