Closing Costs

Source: https://www.zillow.com/sellers-guide/closing-costs-for-sellers/

“Seller closing costs are a combination of taxes, fees, prepayments and services that vary depending on your location. Closing costs can differ due to variations in local tax laws, lender costs, and title and settlement company fees. In some cities, you might pay thousands just to transfer the title of the home to the new owner, while in other areas it’s free. It’s important to understand your regional burden, as well as who usually pays closing costs in the transaction and when they’re due.

Who pays closing costs — the buyer or the seller?

Both buyers and sellers pay closing costs, but as a seller, you can expect to pay more.

Buyer closing costs: As a buyer, you can expect to pay 2% to 5% of the purchase price in closing costs, most of which goes to lender-related fees at closing. More on buyer closing costs later.

Seller closing costs: Closing costs for sellers can reach 8% to 10% of the sale price of the home. It’s higher than the buyer’s closing costs because the seller typically pays both the listing and buyer’s agent’s commission — around 6% of the sale in total. Fees and taxes for the seller are an additional 2% to 4% of the sale. However, seller closing costs are deducted from the proceeds of the sale of the home at closing, so you rarely need to bring cash to closing.

According to Zillow research, 61% of sellers are first-time sellers, and the closing process can be confusing. Read on for our guide to seller closing costs.”

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