Sellers Be Aware of All Closing Costs including the Michigan Transfer Tax!
Are you wondering what your real estate closing costs will be when you sell your Ann Arbor Area home?
Yes, you will have to pay off any mortgage(s) you have on the home. Yes, there will be a real estate brokerage fee if you use the services of a REALTOR® in the marketing and sale of the home. Yes, there will be an attorney prepared deed and fee. And there is a title commitment fee to transfer marketable title.
Those fees will be paid from the sale proceeds at closing in addition to some other expenses such as fuel or rent proration and mortgage interest proration as of date of closing, mortgage cancellation fees and perhaps some other expenses like an express mail fee to pay off the mortgages, and other fees like a home warranty.
A fee charged to all sellers of properties in Michigan is collected at closing and is paid to the County and State Treasury Department. A Real Estate Transfer Valuation Affidavit is filled out as closing to record the sales price and corresponding tax.
So what does the Transfer Tax cost a Michigan home seller in Washtenaw County? The fee is based on sale price. Simply use .0086 times the sale price. There is an online Michigan Transfer Tax Table for calculation reference for any sale over $100.00. Note there is a County and Michigan state transfer tax. So a $100,000 home sale would be $860 for total transfer tax. There are exceptions, but did you know that a conveyance of easement or a right of way is subject to transfer tax too? Watch our Treasurer explain on the video how to Avoid the Transfer Tax.
We encourage our clients to take a closer look at local Ann Arbor market conditions, Michigan state or regional economic factors and their own personal circumstances when making a decision about buying or selling property in today's Ann Arbor market.
Make sure to consult with an expert in determining real estate opportunities. REALTORS® know real estate and now more than ever, buyers and sellers need strong, dependable and professional advice. We are trusted, respected liaisons to a wealth of Ann Arbor Area resources and information to help buyers and sellers understand our Ann Arbor housing market conditions. We are here to help. We promise - no tricks, just Raving Fans. By the way, if you are up early, tune in to 102.9 W4Country Radio for real estate tips from our team.
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