One of the most frequent questions asked me when helping owners sell their home is "What are my costs to sell my home?".
In Wisconsin, you are responsible for a few closing costs:
- You will pay for the title insurance for the buyer. The title insurance is your warranty to the buyer that the home is free and clear of any other person's claim.
- Gap insurance is separate and usually paid for by seller. This covers the time between when title insurance is issued and closing in case of liens placed on the property by others
- Property taxes. You owe for the property taxes from the beginning of the year to the date of sale.
- Sales tax. The State of Wisconsin charges .003% on the sale of the home.
- Special Assessment search. The title company or attorney charges a small fee to check if there are any special assessments pending or levied on the property.
- Deed preparation. The attorney charge for the document that legally transfers interest in the property.
- Broker commissions.
- Water bill if you live in the city of La Crosse.
There may be some other small fees that you may pay at closing.
- If you have a mortgage, you will pay a fee to record the satisfaction with the county recorder.
- Overnight fees related to the mortgage.
- Any buyer requested closing costs. These are costs determined by negotiation with buyer.
- Home warranty if offered.
Knowing these costs up front can help you make a more educated decision on whether to sell your home or which offer is the best one for you.
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