Home Sellers in Katy Guide to Typical Closing Cost Payments
Home sellers routinely ask similar to home buyers what items of closing costs will I have to pay? Of course every deal is unique and subject to negotiation. Katy has been in a Sellers Market mode for some time. Sellers right now and for several years in the past have not been willing to negotiate very much concerning closing costs or discounts from home listing price. This post I will cover a list of items a Home Seller will typically pay for at the closing table. I already wrote an article discussing the same topic for Home Buyers.
Home Sellers and Home Buyers tend to not understand all the items and costs which are incurred when buying/selling any home.
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Home Sellers will normally pay for these items:
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Owner’s title policy as per the executed contract
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Document preparation fee for the Deed
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Escrow fee ( one-half)
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Realtor Commission
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Notary Fee
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Payoff of all loans in Seller’s name
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Loan fees required to be paid by Buyer’s Lender
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Interest, prepayment penalties( if any) and statement fees
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Proration of Real Estate Taxes (Seller owns the home through the date of sale)
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Termite Inspection/work as per executed contract
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Judgements, tax liens, child support, etc.
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Outstanding Homeowners Association Dues
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State Guarantee Fee
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Home Warranty as per executed contract
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Sometimes additional fees as per executed contract
The amount of these fees will of course vary depending on the buy/sell economics, the home, lender and many other factors. All of these items will be included in the HUD 1 presented at closing which I will review in detail as soon as it is available from the Title Company.
If you are unsure what any of these are, then contact me and lets walk our way through the economics of a potential deal and lets go to view some homes in Katy. It is still an excellent time to buy a home in Katy and lets get started as soon as possible while interest rates are still low.
Home Sellers in Katy Guide to Typical Closing Cost Payments
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