As a home seller, the chances are good you have been to a home closing as a buyer. While the process is basically the same, there are several differences between closing as a buyer and closing as a seller. There are numerous expenses incurred by the buyer during the home buying process-mortgage fees insurance, escrows, title insurance, etc. For the seller there are usually very few fees, other than the standard debts you may owe. Here is a standard list of closing costs for a home in Missouri.
Aside from the money you may owe other parties generally your actual costs to close the transaction are relatively small compared to the buyers’ side. The following are several of the normal fees associated with closing a home as the seller:
- CLOSING FEE (often less than $300)
- NOTARY FEE (usually less than $20)
- COURIER FEE ($25-$75 if applicable)
- RECORDING Fee (about $30 if applicable)
Besides the standard closing costs, you will notice a number of deductions and debits on your closing statement. These can vary quite a bit from transaction to transaction, but the following are a list of some of the most frequent:
- Mortgage payoff
- Property taxes owed in arrears
- Utility company payoffs
- Back taxes of any kind
- Liens on the property
- Realtor fees
- Any agreed-upon credits to buyers. Obviously, the amounts of each of these will depend upon several factors specific to your home and situation. Additionally, there may be other deductions which apply to your home sale such as home equity loans, second mortgages, or subdivision fees/assessments paid in arrears; each home sale is a unique transaction.
For additional information on costs associated with selling your home please contact St. Louis Realty
St. Louis 314-ST-LOUIS (785-6847)
St. Charles 636-397-7653 (SOLD)