Small fees and costs in a home sale add up quickly. When it comes to seller closing costs, here are some of the fees you may have to pay.
In addition to the buyer's agent commission (which you determine when you list your property on HomeLister), you may also have fees for the following services:
Escrow fees: This fee compensates the escrow agent, who coordinates the transfer of title and cash. Escrow agents also hold the property being sold in trust during the “escrow process,” while the sale is being finalized and all inspections are made and resolutions are agreed upon.
Title and search fees: The title search fee pays for a document that proves you have a legal right to sell your home and insures the buyer if you don’t.
Inspections, Remediation or Repairs: An inspection will be performed to identify any issues with the property. If repairs or treatment are needed, the seller typically pays.
Recording fees: Your county may charge a fee to record the transfer of ownership.
Notary fees: Standard in most legal processes, notary fees are paid to a notary to verify your identity and ensure proper execution of paperwork.
Transfer taxes: The total cost of city or county transfer fees will vary by location, and in some areas, there are no transfer fees.
Depending on the type of property you are selling and the state, you may also need to pay:
Condo Association or HOA Fees
Paying off existing mortgages and/or equity loans
Municipal lien payoff and tax search fee
Attorney fees (not needed in every state)
Flip tax fees, moving out fees (common for Co-Ops and Condos)
Below please find a list of some common state-specific services and fees and some exceptions.
Documentary stamps on deed: Most commonly referred to as doc stamps, this is a fee collected based on the sales price of your home. The only county that has a different fee structure is Dade County. The remaining counties in Florida pay the same percentage of the sales price.
Title insurance works a little differently in Florida. In Sarasota County, Collier County, Miami-Dade County and Broward County, the buyer pays for title insurance and chooses the title company. In all other counties, it’s the seller’s responsibility.
Florida Form 9
Property taxes: Property taxes in Florida are paid in arrears (1 year behind). That tax bill is for last year’s taxes. So, when you go to sell your home, you pay up until the time that you owned your home.
Natural Hazard Disclosure Report (NHD): This report tells the buyer if the home lies within a zone that has a high risk of natural hazards, including floods, earthquake, and fire.
Documentary Transfer Tax: In California, the seller pays the Documentary and Property Transfer Tax.
Every county in California has a transfer tax except for San Francisco County.
Attorney fees: Closing on a home in NY requires an attorney’s services.
For Condos and Coops, the seller pays the flip tax fees, moving out fees, a Uniform Commercial Code (UCC) 3 filing fee and the Coop/Condo's attorney fees.
New York sellers do have the option to provide a $500 credit to a buyer in lieu of seller’s disclosures.
Smoke and carbon monoxide detectors: One legal requirement when selling a home in Massachusetts, and in some other states, is that you must have installed smoke and carbon monoxide detectors prior to closing. A seller in Massachusetts is required to provide a smoke and carbon monoxide detector certificate at closing.
For properties with septic tanks only: Passing Title V report - This is a requirement when a home is serviced by a private septic system. Lenders will not lend on a property without a passing Title V certificate.
Attorney fees: Closing on a home in GA requires an attorney’s services.
Attorney fees: Closing on a home in CT requires an attorney’s services.
Some cities in Utah do not require transfer tax.
Many counties in Oregon do not have transfer tax.
Texas does not have transfer tax.