Closing Cost.........?

Question

What closing cost (if any) may arise for the seller of a home? Will those cost be deducted from their mortgage check or will they be required to present a check at the closing meeting?

Besides seller's concession, and money owed for back taxes, inspections, surveys etc. Are there any fees related to the service of the closing agent the seller has to pay. I am dealing with a homeowner who is selling her wome with an agent or attorney and she really relies on me to let her know what is going on. As I learn, I tell her, but my mortgage consultant only have information on what is required of me.

Answer 1

Ihave never heard of closing costs for the seller, we purchased a home and had 4500 dollars of closing costs, but the seller just got the money. I may be wrong though.

Answer 2

I have also not heard of sellers having to pay closing costs. They do usually have to pay comission to their agent and to the buyer's agent. The closing costs paid by the buyer don't go to the seller though, I'm pretty sure that's part of the mortgage/loan package, and the money goes to the mortgage company.

Answer 3

Usually seller pays closing cost but it can go either way, I would try to negotiate. I usually figure around $3-5k in closing costs plus around 6% commission to selling agent. If they pay closing, it can be figured into the mortgage check at closing.

Answer 4

Depending on the inspector outcome. If he doesn't find anything for the owner to repair before selling, than everything should be fine. Usually if there are repairs, the repairs have to be done before the buyers purchases the home.

Answer 5

In NY there is transfer tax. It is the sales price multiplied by .004 required by the State. Not sure if it is required in all states though.