When buying or selling a home, there are a lot of factors that are considered when determining costs. The closing costs on their own are made up of a long list of aspects that need to be taken into consideration during any house sale.
The closing costs when selling a house generally are your real estate commission, the payoff on your mortgages or mortgages, which includes home equity line of credit or any outstanding liens on the property, any adjustment to taxes and the realty transfer fee that’s based on the purchase price of the home. There are certain discounts for senior citizens and disabled individuals for the realty transfer fee. In addition, the closing costs include notary fees, escrow fees, title search fees, recording fees and the possibility of any prepayment penalties that may be administered from your lender if you pay off your loan early.
When selling a home, it is also important to know of any damage that the house may have, whether it be water damage, termite damage, or anything else that the buyer might come back and ask you to pay. If the house has damage to it or has repairs that need to be made, it is possible that the buyer will either try to negotiate the price of the house with you or ask you to cover the costs of the repairs.
If you are looking to sell your home, it is important to speak with your attorney, real estate agent and lenders to determine the specific closing costs for the sale of your home.
Juan C. Velasco, Esq. is a trusted attorney who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.