Mortgage Bankers Association

Congratulations! You have a contract for the sale of your home. He looks at what price, and the thought that a large number it is. However, that price is not the amount you take home after the deadline. What will the cost be deducted?

1. Estate taxes – before buying your property, you will probably be a broker, which will help your home to sell stocks. You will get a contract with the property, has signedagent that lists the compensation that the agent will be charged.

2. Legal costs – a seller in some parts of the country will retain a lawyer to represent him in the sale of property. In other countries, have the broker and title company of some of the tasks of a lawyer who does not feel right to exercise, ie completion of a pre-printed sales contract and the preparation and the deadline for participation. A lawyer who defends the interests of the seller in all stages ofdeal. Legal fees typically range from $ 750 to $ 950

3. It provides for a transfer fee – Some countries require that the seller pays a transfer fee for each property shall he / she sells, if it is a custom home. The fee is based on the sales price of the property and the rate can rise at the same pace to sell.

4 mortgages and taxes – If you have a lien on your property, the size of the loan (plus any unpaid interest, plus anylate fees) will be out of your sale price is deducted. By the end, we will ask for a declaration profit from its creditors, which in turn will enable the amount required to pay the entire loan. Price If your mortgage lender is escrowing for the payment of property taxes and house insurance, they do not can pay for this total to be deducted. Other lenders send a refund after that go to control the gain received fromconnection. agreement with the agent may charge a fee for obtaining a discharge (or satisfaction) of the loan. This tax is about $ 75.00 and there may be an extra fee for mail to ensure the screen to pay for the loan to employees and the bib record of discharge of mortgage forward.

5. Repair of Home Inspection – buyer usually maintain a home inspector to look through your entire house (roof to the foundation) to find any structuralproblems or problems with the heating, cooling and electrical systems. The home inspector will submit a written report for the lawyer of the buyer or the broker, who will send a copy to your lawyer or estate agent with a question that you do some repairs. Some repairs can be made only if the buyers, because they make it a business, every buyer will be a problem. These types of repairs are problems with the roof, termites, mold, boilers, furnaces and abandonedoil tanks. As these costs to repair? Your broker will help you find qualified contractors, who will give you an estimate of what it would cost to repair. Your lawyer or estate agent will negotiate on your behalf, you do repairs or you will receive a credit against the rest of the purchase price due by the end of the buyer.

6. Property taxes / fees drains – have paid property taxes, when it became due, perhaps, quarterly,semi-annual or annual basis. When you sell your house, the buyer will pay in taxes you paid in advance of the deadline will be calculated at the date of the next tax payment is due. Sometimes the term is fixed at a date before taxes are paid. If you do not pay taxes before the deadline, the buyer pays taxes and pays the buyer. Some attractions charge a separate sewer fee, subject to reimbursement by the buyer or seller, dependingabout when the sewer fees, and if it is paid before the deadline.

7. Homeowner association fee – the charge is levied when ownership of an apartment or in a community program. Taxes already paid by the seller is between seller and buyer, issued from time. If the seller does not pay the group home before closing, the seller, the buyer is responsible for part of the tax.

Sorryclosing costs appear to be slightly higher than you expect a seller. Adviser or your broker will be able to guide you through the process so as not totally surprised.