Costs that area associated with selling your home include:
- Your current mortgage Payoff: This will most likely be the largest amount that you’ll be subtracting from the sale price of your home.
- Title Charges: The Seller is responsible for this title expense (unless negotiated differently in the purchase contract) This means you as Seller agree to pay for the charge to update an abstract and/or an attorney to review for title opinion. This is usually no more than $500 in Calcasieu Parish although attorney fees do vary and this is negotiable with the offer you may receive.
- Home Warranty: The buyer may ask that you provide a home warranty. $495 is customary for most warranty companies.
- Commission: Yes, as a seller, you will be responsible for paying your hard-working real estate agent for the spectacular work they have done marketing and negotiating your home, and guiding you through the process as an educator and advocate. This fee should be discussed when you are listing your home. 5-6% is customary with most brokerages depending on the size and price of the home.
- Closing Costs: Now days most buyers will ask for closing cost assistance. Depending on the type of loan they are applying for will depend on the amount they will ask seller to contribute. Be prepared for this when you receive an offer, it is the name of the game these days.
- If you are selling a property with a private well and/or sewer system, the Louisiana Purchase Contract states that this is a SELLER expense. You will be asked to provide the buyer with a water and/or sewer inspection report. Costs vary depending on what is discovered in the inspection.
- Repairs: Buyer is entitled to a home inspection and allowed to present Seller with a list of deficiencies. You will have the right to choose what you are willing to repair.
- You may incur an HOA fee assessment if your neighborhood has a fee assessment in the restrictions which allows the neighborhood to collect a percentage when a Seller sells. Any HOA yearly fees will be pro-rated at the closing.
Note: Whatever you have paid up to date for the year in property taxes will be pro-rated at closing. You will only pay for taxes during the months you lived in the home.
Copyright 2015© Marilyn Boudreaux
Marilyn Boudreaux, REALTOR® 337-499-9592
Century 21 Mike D. Bono & Co.’s
4410 Nelson Road
Lake Charles, LA USA 70605