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Hey everyone, thanks for joining me again today. I'm going to be answering a question today from a client about seller closing costs. Susan wants to know: "What are closing costs based on and what percentage of the sale goes to the seller?"
Susan, that's a great question. There really isn't a specific formula for what a seller nets on their property. As a seller, you will be paying for a deed in lieu waiver that is done by your attorney. Then you also have to pay revenue stamps to the state of North Carolina, based on a formula of two dollars for every thousand dollars of value.
Of course, your real estate commission, prorated share of the real estate taxes for the year in which you are selling, and any kind of mortgage or equity line tied to your real estate will also need to be paid off.
Those are the basic costs that sellers will have. In addition to those, it's possible you may also be paying for a home warranty, or even some of the buyer's closing costs.
When you have questions about real estate and need the truth, you have to give me a call. You can always reach me by phone or by email if you have any questions at all!
