Closing Cost Estimates

Many sellers are unaware of "Typical" closing costs so I've started a page here for you.  There is a great "Sellers Net Sheet" from Liberty Title, click here for it.

While most things are negotiable, the seller typically has:

• Pays transfer tax on deed - $8.60 / $1,000 of sales price. Example, $100,000 home = $860 in "State Transfer Tax".
• Title insurance. As a seller you need to provide Title insurance to the buyer. Click here for estimated title fees.
• Realtor commission. Remember, with our program we save you about half but if there is an agent you need to pay that agent the agreed upon commission, usually 3%.

NOTE: Parts of Michigan pay taxes in advance. So, at closing your unused portion of pre paid taxes are returned to you as a credit. Parts pay in "Arrears" so those are unpaid taxes you would owe as a "Debit" at closing. This statement has a "Credit" so you get money back at closing. CLICK HERE FOR THE SAMPLE CLOSING STATEMENT.

I hope this helps but if you have questions on closing costs send me an email.

 

Proud to be your broker,

Jeff Kermath