As a seller, what are my closing costs?
By custom, and by standard contract in this area, sellers have very few intrinsic closing costs items, i.e. those normally paid by the seller. In addition, you may have contractually agreed to pay some or all of the buyer’s closing costs. As a seller, you will pay the real estate commission as agreed, you will pay grantor’s tax at a rate of one tenth of one percent of the sales price or assessed value, whichever is higher, you will pay the settlement agent fee of $250.00 plus the document preparation (deed, etc.) fee of $100.00, release fees at roughly $75 per loan paid off, and you will pay the cost of a termite inspection if required under the contract (and any other inspections). While they are not generally considered true closing costs, taxes and association dues are pro-rated at closing and may reduce the amount you will net in the sale.

Posted By: Brian D. Lytle, Esq. on Sunday, February 06, 2011