THE CLOSING
POTENTIAL CLOSING COSTS
Before closing, you’ll receive a settlement statement from the title company that outlines all the fees and expenses. We’ll review this together to ensure accuracy. Common costs may include:
TITLE COMPANY FEES Title companies often charge fees related to the transfer of property ownership, including: Title Insurance: Protects against potential title defects. This cost varies depending on the property’s price. Closing Fee : A typical charge of around $300 (+/-) for handling the closing process, which may be split between buyer and seller. Additional Fees: Charges for closing protection letters, title searches, deed preparation, and other administrative services.
GOVERNMENT FEES Government-related fees may include: Prorated Taxes: Sellers pay property taxes up to the closing date, which are prorated and transferred to the buyer. Recording Fees: A small cost to record the transaction with the local government.
BROKERAGE FEE
The brokerage fee, or commission, is a percentage of the home’s sale price, agreed upon in the listing contract. This fee is paid at closing and split between the listing agent and the buyer’s agent. LOAN PAYOFF If you have an existing mortgage, the title company will calculate the amount needed to pay off the remaining balance. These funds will be deducted from the sale proceeds.
OTHER FEES Additional costs may
depend on the property type, purchase price, and title company requirements.
REPRESENTATION AT CLOSING I’ll be by your side at closing to ensure everything goes smoothly. We’ll review the settlement statement beforehand, and I’ll answer any questions you have at the closing table. PAPERWORK Your transaction paperwork will be securely maintained, and electronic copies will be provided for your records. Hard copies are available upon request. TRANSFER OF POSSESSION While buyers typically take possession immediately after closing, there may be exceptions. If additional time is needed, I’ll work with the buyer’s agent to set up a time and date for transferring keys, garage door openers, and other property-related item.
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