Transaction fees are fees that protect you and the buyer by making sure that the financial and legal process goes smoothly during the sale. You may be required to pay a recording fee to show that there is no debt on the home when it is closed. Another fee is a notary fee to verify your identity and your documents. Title insurance and title search fees are in place to cover the search of public records and documents to verify that you in fact own the home, your ownership cannot be contested, and the condition of your title--whether there are liens, easements, or other restrictions on the property. Moreover, there are escrow fees in which the escrow company} ensures that the money is being handled properly between you, the lender, the buyer and his lender.
Real Estate Commission Fee
The real estate commission fee usually runs between 5 to 8 percent of the sales price of the home. It covers the fee of using a real estate agent and the brokerage firm during the sale. Sometimes it is split between the seller's firm and the buyer's firm.
Seller's Concession, Credits, Negotiation Fulfillment to the Buyer
Finally, you must also make good on any promises made in the sales contract to the buyer. For example , you may have stated that you will cover the buyer's home warranty for a year or pay the buyer's homeowner's association fees for a certain time. You may have stated that you will conduct repairs before the home is sold or give the buyer a credit to conduct repairs. All of these concessions and credits may cost money before the sale is finalized.
Be fully prepared when the perfect buyer comes along. There are many things to prepare before listing your house. Don't let your competition run you out of the race. Visit our blog for information on how to prepare yourself for a home sale.
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