What does a seller need to know about closing costs?

When a person makes the decision to sell their home and another person decides to purchase that property, they will have to pay a number of different fees associated with that sale. One of those fees is known as the closing costs. Closing costs for a seller are different than the closing costs for a homebuyer. Some of the closing costs for a seller may include the mortgage payoff, the real estate agent’s commission fees, a home inspection, and any other outstanding liens that may have been placed on the home.

Another major factor that may be associated with the closing costs of selling your home can include any damages or issues that the home has. The buyer may ask you to cover the costs of termite damage, an electrical issue, a leaky pipe, or whatever other issue that the house may face. If the house you are selling is an older house, you may want to have an idea of what the full extent of the damages you may be asked to cover are so you are not blindsided upon closing. When you have an issue in the home that needs to be repaired you have two options. The first option is just to cover the cost of fixing the problems that the house has. Your second option may be to lower the cost of the home so the homebuyer can afford to pay for the damages themselves. You can have a home inspector conduct an investigation of your home so you have an idea of how much money you should knock off the price of the house. This way, you don’t have to worry about the job that is inevitably done.

If you have questions or concerns about how much your closing costs may be, you should speak with your real estate agent or an experienced real estate attorney.

If you require experienced legal assistance for any of your real estate, bankruptcy or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.