Listing/SellingListing/Selling a Home Q & A
Posted 06-06-2017 at 11:19 AM by DIVA Brenda
Q: If I sell my house for $300,000 will I get $300,000 at settlement?
A: There are several fees and obligations that the selling must take care of prior to collecting the proceeds from the sale of a home. The biggest deduction from the proceeds will be your current mortgage (no matter how many mortgages you have) the amount(s) will be deducted from the proceeds. Additionally, you will have to pay the state taxes; the broker/commission fees (the commission amount can be split 4 ways (listing agent, listing broker, buyer agent, buyer broker) and the charge can be up to 10%); the mortgage company release fee; the state recording fee; the state transfer tax amount (customarily split between buyer and seller); they county taxes (any amount due up to settlement day); any prorated HOA condo fees; the home warranty to buyer (if agreed/offered); the water escrow; the seller settlement fee; and any closing assistance to the buyer (if agreed/offered). To answer the question, if there is anything left over after all of these items are deducted, you get a check. If nothing is left over or if there is a remaining balance the seller could have to bring a check to settlement to cover the seller's portion of fees.
A: There are several fees and obligations that the selling must take care of prior to collecting the proceeds from the sale of a home. The biggest deduction from the proceeds will be your current mortgage (no matter how many mortgages you have) the amount(s) will be deducted from the proceeds. Additionally, you will have to pay the state taxes; the broker/commission fees (the commission amount can be split 4 ways (listing agent, listing broker, buyer agent, buyer broker) and the charge can be up to 10%); the mortgage company release fee; the state recording fee; the state transfer tax amount (customarily split between buyer and seller); they county taxes (any amount due up to settlement day); any prorated HOA condo fees; the home warranty to buyer (if agreed/offered); the water escrow; the seller settlement fee; and any closing assistance to the buyer (if agreed/offered). To answer the question, if there is anything left over after all of these items are deducted, you get a check. If nothing is left over or if there is a remaining balance the seller could have to bring a check to settlement to cover the seller's portion of fees.
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