A: Many people take advantage of appreciating home prices to sell their current home and purchase a new one that is a better fit for their current lives. There are, of course, fees and costs associated with selling your home. The normal costs you can expect to pay as a seller are realtor commissions, attorney fees, repair costs to make your home more attractive to potential buyers, the balance of your mortgage, title fees, transfer taxes, and condo association fees (if your property is part of an Association).
You can also expect to provide your buyer with the following credits, which will reduce the amount of money you will walk away with at closing: closing costs credits (based on the home inspection or as part of the negotiated contract) from inspection and property tax credits.
Sometimes there are additional fees, but the above are all standard fees you should expect to pay in your transaction. All of the above costs will be subtracted from the purchase price at closing. Any remaining money will be given to you either in a check or via wire transfer (additional costs from the title company and possibly your bank will be charged).
For more explanation on these items, please visit the blog article “8 Most Common Costs to Selling Your Home.” If you are thinking of selling your home, contact my office (m.stokes@MeghanStokesLaw.com or 312-890-9581) for a complimentary estimate of the proceeds from your sale and see how much you will walk away with.
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