After signing the paperwork to sell their home, sellers usually subtract their loan and commission from the sales price and figures that’s how much they will get. Few sellers give much thought to closing costs. But they are an important and usually unavoidable part of the transaction.
Closing costs refer to all of the taxes, fees and costs required to close a real estate transaction. Who pays what in closing costs not only varies from state to state but can also differ within a state.
Ask your agent for the traditional breakdown of what you are expected to pay in closing costs and what portion the buyer pays when you list your home. You’ll want this information handy when you consider an offer so you can calculate your net proceeds.
Written By: Rick Hazeltine. If you would like to continue reading, click here.