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The Expenses of Selling a Home

Selling your home

Selling your home doesn’t mean you will walk away with a lot of money. You’ll have to pay some bills before cashing that check.

Many people think that just because they are selling their home they will walk away with thousands of dollars in their bank account. While the concept is a fantastic one, there are some expenses that actually come out of this check. So, are you wondering what you’ll need to pay? Read on to find out what you’ll have to pay.

Commissions

When you hire a real estate agent to sell your home, it is important to remember that these individuals aren’t paid by the hour. Your Simply Referable agent has worked hard to help you sell your home. After months of hard work, your agent sold your home for a commission price. A typical commission for a real estate agent is about 6 percent of your selling price.

Managing Your Mortgage

Like many homeowners, you may have sold your home with a little mortgage left on it. If this is the case, you may have some bills and fees you have to pay. The first thing you will have to pay is the remaining balance on the mortgage. If you have opened any line of credit on the home’s equity or have a balance on the remaining mortgage, it will need to be paid off. The second fee is the loan payoff fee. This is a charge some lenders have as an administrative fee for when you pay off your mortgage. A prepayment penalty is also possible if you have a clause in your mortgage. If you pay off your loan before the mortgage comes due, this fee may be assessed.

Fees Paid at Closing

Once you reach the closing table, you may have some fees you have to pay. It is the seller’s responsibility to pay for the notary to notarize documents, escrow fees to handle the money between you and the buyer, and title search fees to ensure you have the right to sell the property. You will also have to pay for recording fees, which show that all of your debts have been paid, and a lien release document, which shows there aren’t any judgments or property taxes owed on the house.

While there are some shared fees between the seller and buyer, these are the expenses you will have to pay before leaving the closing table. For more information on selling your home, call Simply Referable today!

Expenses of Selling Your Home with Simply Referable

There are any number of obscure and strange real estate laws in Maryland. The small team of realtors at Simply Referable will be happy to help guide you through the thicket. Each of our team members has an area of expertise, and we strive to form lasting bonds with each of our clients. We want to be your go-to realtors every time you or a friend wants to make a change. With local experience, our realtors can help you choose a house that is just the right fit for your family, now and forever. Contact us online or give us a call at 410-983-9045.