Closing cost For sale by owner?

Hello,

What are theI responiblities for the seller at the closing?

What are the closing cost the seller will have to pay upfront?

What are the closing cost the seller has to pay after the sale?

Any advise? FSBO

6 Answers

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  • 1 decade ago
    Best Answer

    You have to provide clean title. Nothing before, nothing after. You will pay for your part of the title insurance and settlement. You will pay your prorated taxes or get money back if you pay them in advance.

    Any other fees you pay are negotiated. You are not required to pay 1 penny to borrowers fees. Taxes, and proving title. Shouldnt cost you a dime until closing. Anything you pay over that, is up to you.

    ******* UPDATE *************

    These people are all idiots. You only have to clear title. the insurance for that is maybe 500 per 100 on the home value. Dont listen to any of them. They must all be real estate agents that are first year out. Thats what you have to pay. 200K house it shouldnt cost you more then 1,000 to close (at very most) Not 3% or 6,000 this is just a joke reading their answers.

    Call an escrow agent and say what is the sellers cost for an ALTA title policy? They will say 829 bucks for the sales price, and you say to close? They say 125 bucks. You say okay deal. 1,000 bucks on a 200K home.

    Anything you pay over that goes to somebody else and can be negotiated.

    Source(s): 15 years mortgage real estate exp.
  • 1 decade ago

    Not knowing where your property resides makes it tough to answer accurately, but in California, the Seller would pay the county transfer tax- $1.10 per thousand dollars of the sale; the city may or may not also have a transfer tax- if so, responsibility for payment would depend on the contract, but a 50/50 split is common. The seller will also pay for demand fees to their current lenders for payoff information, and the wire cost to pay them and the cost of recording the reconveyance deeds after they are paid off... lastly, you would be responsible for any credits or other agreements in the contract and if the Buyer had an agent that you were cooperating with, you would know what you agreed to. These are all costs paid at closing, nothing is paid up front unless your lender requires advance payment for the demand fees. There should be no fees due after the sale.

  • 4 years ago

    This Site Might Help You.

    RE:

    Closing cost For sale by owner?

    Hello,

    What are theI responiblities for the seller at the closing?

    What are the closing cost the seller will have to pay upfront?

    What are the closing cost the seller has to pay after the sale?

    Any advise? FSBO

    Source(s): closing cost sale owner: https://shortly.im/2Odqa
  • 1 decade ago

    average title and closing costs are about 3% of the sale price PER side (buyer side and seller side each) You are only responsible for your side - buyers will ask you to pay their side - that will give you some dollar range - to figure out what you would NET use this example: House sale price is $200,000 less your present mortgage, less 3% of $200K and you have a net figure to you - unless your buyer has a realtor then you may pay an additional 3% to their agent - and if they ask you to pay their title and closing costs - take off another 3% - by the time you do all that - you're better off listing with a realtor and sit back let them do the work -

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  • 1 decade ago

    You will have to pay for the buyers agent fee wich is typically three percent but that is negotiable. You will have to pay between 3-5000 for your closing costs and if the buyer has any closing costs rolled into the loan then you will have to pay those and be reimursed for that. Good luck, i hope this helps.

    oh and keep in mind that the agent fee is negotiable, if you find it too hard to sell on your own you can hire an agent at 1.5 or 2% of selling price. I know it is additional cost but it may be worth it in the long term.

  • 3 years ago

    I think that's correct

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