Who Pays for Closing When I Sell My House?
Typically, there are costs of closing a real estate transaction that are billed to the seller and other costs that are billed to the buyer. These costs are itemized on a Closing Disclosure document, also called a closing statement or a settlement statement by seasoned real estate professionals. Many of us simply want to know who pays for closing when I sell my house?
The answer depends on what kind of house you’re selling and what kind of mortgage loan the buyer is getting. For example, certain forms are used for the sale of a mobile home and other forms for buyers financing through a homebuyer assistance program. The terms of some mortgages require the seller to pay specific costs on behalf of the buyer/borrower.
Because there are so many different situations a seller may face when closing the sale of their home there’s no simple answer to the question, “who pays for closing when I sell my house?”
Costs Sellers Traditionally Pay at Closing
Here is a list of some costs a home seller can expect to pay at closing:
1) Real estate commission
2) Property transfer fees
3) Property taxes
4) Homeowners association dues
5) Termite inspection and treatment
6) Home warranty for buyers
7) Allowances for repairs and replacements required by lender
8) Title insurance premium
9) Mortgage loan payoff
Some of these costs are calculated for the exact date of closing and sale price, so it’s hard to estimate your closing costs in advance. But you can be sure they will amount to several thousand dollars, or tens of thousands of dollars, depending on where your house is located and how much you still owe on your mortgage.
Let the Buyer Pay the Closing Costs
I can avoid paying numbers 1 through 8 on the list above and pay only my mortgage loan payoff at closing by calling We Pay Fast and speaking to a professional home buyer about my home for sale. Their number is 405-521-1807 and their email is [email protected] Once we arrive at a sale price, I know what to expect.
Only my mortgage payoff will be deducted from the sale price and I receive the balance in cash within approximately a week. When I call We Pay Fast I know who pays for closing when I sell my house!