What you should know about closing costs associating with selling your home
When you sell your Breckenridge home, there are several things that will be including in your closing costs. These are items that will be charged to you and deducted from the price of your home. If you have a mortgage on your home, you will find the remaining balance must be paid at the closing before you can receive any of the proceeds from the sale. As a seller, you are also responsible for the following:
Commission to the agent representing you. This commission may be split with the buyer’s broker, as well.
Transfer taxes. These taxes are usually charged to both the buyer and the seller and it is negotiable on who will pay them.
Stamps on the Deed. A new deed will need to be drawn up for the buyers by an attorney chosen by the seller.
Title Insurance, although this may depend on where you are located.
Prorated property taxes (Property taxes come at the end of the year so if the house is sold in June, the sellers have lived in the house for 6 months and should be responsible for their portion of those taxes. However, if the taxes are paid in full, the seller may receive a refund on the taxes)
Other prorated items, such as rent received, deposits, water and sewer dues)
What Closing Costs Are Negotiable?
There are certain times that buyers and sellers will want a smooth closing and if negotiating certain terms is what it takes to close smoothly, most are willing to compromise. For example, if the buyers are concerned about the roof leaking, the seller may pay for the home inspection. The buyer may also want to pay the full asking price if the seller will pay all of the buyer’s closing costs. All terms should be written out as part of the purchase and sale and agreed upon by both buyers and sellers.