What You Need to Know About Closing Costs When Selling Your Home

Selling your home? Don't forget to factor in closing costs! These are the expenses you’ll need to cover at the end of the transaction. Being prepared can help ensure a smooth and stress-free sale. Here’s what you can expect:

Agent Compensation

This fee is always negotiable. My professional fee to list a home ranges from 3-4%, and I provide a menu of services tailored to meet the unique needs of my sellers. This does not include the buyer's agent compensation, which is also negotiable and outlined in the contract to buy and sell. There have been significant changes this year in the compensation structure, and I’m more than happy to get on a call to discuss what this means for you!

Schedule a call here!

Repairs

After the inspection, the buyer might request some fixes. You may need to handle those repairs or offer a credit to make it easier for the buyer.

Title Insurance

This protects the buyer from any ownership issues. In most cases, as the seller, you’ll need to cover this cost.

Transfer Taxes

Some states or cities charge a tax when the property changes hands. This is another cost to plan for at closing. Winter Park has a 1% transfer fee (some new neighborhoods have an additional fee on top of this) while Fraser is subject to the neighborhood. Reach out to me to discuss specific areas.

Mortgage Payoff

If you still owe on your mortgage, that balance gets paid off at closing. It will come straight out of your sale proceeds.

Home Warranty

Some sellers offer a home warranty to give buyers peace of mind. It’s optional, but it can make your listing stand out!

Closing Fees

These fees are for the people handling the closing process, typically paid to the title company. Sometimes they’re split with the buyer, but it’s something to budget for. Typical cost is $350-400.

Pro Tip:

Closing costs can add up, so be sure to account for them when pricing your home to sell. Being prepared will not only help you avoid surprises but also make the entire selling process smoother and more efficient.

If you have questions about any of these costs or want to understand how recent changes in the real estate market affect your sale, don’t hesitate to reach out. I’m here to help!