“What will I make at closing?”
It’s extremely important to have an idea of what costs you will incur when selling your home. The sales price, unfortunately, isn’t the number that will be hitting your bank account at closing. Take a look at some of the costs you can expect when selling your home.
Closing Costs
These fees are collected at the time of closing through an escrow agent. They include fees from the title company and the mortgage lender. This is typically 1-2% of the sales price but can be another 6-7% when using a full service real estate agent.
Home Warranty
Most home warranties cost $400-$500 and last for a year after the closing date. It is recommended (but not mandatory) to provide the new owners of your home with this warranty, covering appliances like your refrigerator, stove, oven, dishwasher, washer and dryer.
Transfer Tax
Also called a “conveyance fee”, which is $4 per $1,000 in most counties, including Cuyahoga County. You can expect to see this under “Closing Costs”.
Utilities
You will need to continue paying for electric, gas, and water through closing. $200 is usually held from proceeds to pay off final bills.
Marketing Services (Commissions)
What it costs to advertise your home and sell it. The standard rate you can expect from MOST REALTORS is 6-7% (split between the buying agent and the selling agent). The most you can expect from us is 4.5%. That means we’ll save you thousands if tens-of-thousands of dollars on your home sale.. 100% guaranteed!