Estimate of Net Proceeds
There are several expenses that are associated with the sale of any property. We will review these expenses with you to help determine an estimate of the net proceeds you will receive after the sale of your home. The following information will give you an idea about how some of these costs are determined in the Northeast Ohio area, and which costs may apply to your sale.
This cost can vary, but is usually around $275-$325. The cost is based upon sales price of the house, and varies a little with the title company used. There is usually a cost of $5.50 or more per thousand up to a set level, plus a graduated amount per thousand after that level.
This is the cost of the deed preparation plus any other necessary documents, and usually ranges from $35-$75.
$4.00 per $1,000 of sales price in Summit, Portage and Cuyahoga Counties
Escrow fees range from $250 to $400 each (for buyer and seller) or more depending on the county of sale. For a VA loan, the seller pays the full fee.
FHA Document and Preparation Fee
All FHA and VA loans have a document preparation fee that the seller must pay. This fee ranges from $450-$650
If you are providing a home warranty as part of the sale, the fee can range from $420-$700.
This cost is in accordance with the listing agreement.
If you have a first or second mortgage on your home, the payoff can vary due to date of closing and any payoff penalties required by the lender. Interest runs one month in arrears.
Estimated Assessment Payoffs
Some new loans (especially VA & FHA) require payoff assessments.
Estimated Tax Proration
We are always six months to one year behind in our real estate taxes. Taxes will be pro-rated to the date of filing.
This may include title update fees at transfer, overnight courier fees, wire transfer fees, or other.
Expenses cannot be guaranteed due to many unknown factors such as closing date (which can cause a variance in the tax proration, mortgage payoff, etc.), attorney's fees, lender requirements or other costs which we may not have control or knowledge of. We recommend that you should always consult your attorney or accountant regarding any questions about your home selling costs.