How to Calculate a Home Seller’s Closing Costs
Realtor.com reports that a home seller’s closing costs round to roughly 1%–3% of the sale price aside from real estate commissions. Where do these costs come from?
What a Seller Typically Pays For
At the closing, Illinois home sellers are often responsible for the following main costs:
Real estate transfer taxes
Any unpaid liens or judgments against the property
Title transfer fees
Title insurance premium and fees
Additionally, sellers need to be prepared to cover prorated tax amounts and any homeowner association fees up to the closing date. Real estate commissions are also paid at closing, but are typically decided at the time you list your home.
Check Your Purchase Contract
Aside from your real estate commissions and attorney fees, many of the closing costs are outlined directly in the purchase contract between the seller and the buyer. While the cost of each item won’t be there (you should talk to your attorney to get the final numbers), who pays for what is, and that’s the determining factor.
Questions? Contact us for a home seller’s consultation!