Closing Costs & Seller Expenses
Know What Costs to Prepare For
Selling a home comes with costs beyond agent commissions. Here’s what you should budget for to ensure a smooth closing:
1. Real Estate Agent Commission
Typically, sellers cover the commission for both their agent and the buyer’s agent, which can range from 5-6% of the sale price.
2. Transfer Taxes & Recording Fees
Local governments may charge taxes or fees for transferring the property title to the buyer.
3. Attorney or Closing Fees
Some states require an attorney for real estate transactions, and closing costs may include their fees.
4. Home Repairs & Inspection Negotiations
Buyers may request repairs or credits after the inspection, so setting aside funds for unexpected expenses is smart.
5. Mortgage Payoff & Prepayment Penalties
If you still have a mortgage, you’ll need to pay off the remaining balance, and some loans have early payoff penalties.
6. Title Insurance for the Buyer
Sellers often cover the buyer’s title insurance policy, which protects against any title disputes.
Planning ahead for these costs can prevent surprises at closing. For a detailed estimate, contact Dineen Snyder, Empire Realty Group, at (585) 519-3588.