It's been a long way, but finally you're ready to close the deal and move on to the life in your new home. Before you do that, there are a few things you must know.
As a seller, believe it or not, you also have financial responsibilities. Typically, you will have to pay the real estate commission, the loan payoff fees, the title insurance, if there are any - transfer taxes and escrow fees, attorney's fees, and other fees negotiated between you and the buyer. Be advised that if necessary, you will also have to pay outstanding Home Owners Association fees, termite and moisture inspection charges and well water and septic testing.
To avoid any surprises, you can get an accounting of the likely closing costs from your agents.
It is possible that the buyers will ask for credit from your. Depending on the conditions, you might want to consider giving that credit rather than have the sale fall through. For example, if the buyers are stretched thin for money, and they need to do some urgent repairs on the house, or they need cash for closing costs on their own part. Keep in mind that you are in effect asked to lower the price for your property. Some buyers will increase their offer by the amount requested. Even if this doesn't happen, you might prefer to give the credit and sell, rather than put your house back on the market.
For more information about closing, call or email me to discuss.
Sincerely,
Steven Wright
Comments (2)Subscribe to CommentsComment