When meeting with new home sellers, they often ask about their closing costs. Many remember having to bring thousands of dollars to the closing when they purchased the home. However, this is not the case when it comes to selling. Let’s go through your seller closing costs!
Commissions
Professional fees for selling a home vary based on your agent and what you have agreed upon. These fees will be taken out of the house sale proceeds at closing. The title company will take the money left over after your mortgage is paid off and then write checks to the buyers and sellers agent on the agreed-upon percentage/amount.
Recording Fees
The title company is charged fees to record the closing documents at the parish courthouse. They also have to register that the mortgage was paid off as well. The title company will pass these charges off to the home seller.
Title Fees
Some, not all, title companies have nominal fees for the seller too. However, the home buyer pays most of the title company fees. The seller’s portion usually is very small.
Property Taxes
Out of sixty-four parishes in Louisiana, Orleans Parish is the only one that pays its property taxes at the beginning of the year. For our home sellers, the buyer will reimburse you for the unused amount.
However, if you find yourself in any other parish, you must credit the homebuyer for the days you lived in the property. The title company will do the math and take it from your sales proceeds.
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