What are the usual costs in selling a residence?
The seller may expect to incur expenses for the following, many of which maybe deducted from the sales proceeds at the closing (and are estimated in advance): • Title insurance (owner’s policy). • Any mortgage loan balances, plus recording fees for any mortgage release, as well as any other amounts needed to pay off any liens or encumbrances. • Unpaid real estate taxes through date of possession (because a given year’s real estate taxes are payable the following year, a substantial credit for this items will normally be given to the buyer. • State, county and municipal revenue (in some municipalities) stamps/taxes; • Current survey (not always required). • Attorney’s expenses and fees. • Brokerage commissions. • Miscellaneous condominium charges (if applicable).
