What Will I Pay When I
Sell my Home?
Although the Buyer usually is responsible for many of
the costs associated with buying a home, you as the
Seller have some of your own costs you may want to be
aware of. Below are many of the costs customarily paid
by the Seller:
- REAL ESTATE COMMISSION - Everyone is
familiar with this one. This is the cost that covers
the services of the listing and selling real estate
brokers. Remember, all fees are negotiable.
- DEED - You will need to supply a deed at
the time of settlement conveying your home to the
new owner. usually cost around $100.00
- TRANSFER TAX - This is the State tax on
the transfer of real estate. In New Jersey, this
cost is $3.50 per $1,000.00 of the purchase price.
- TAX ADJUSTMENTS - This will cover any
real estate taxes that are unpaid up to the date of
settlement.
- OIL TANK INSPECTION - If you have an
underground oil tank, you may need to supply a
certification that the tank does not leak and the
surrounding ground has not been contaminated.
- WELL WATER AND SEPTIC CERTIFICATION - As
a Seller, you will need to provide certification
that your well water is safe for drinking and that
your septic system is functioning properly.
- CERTIFICATE OF OCCUPANCY "CO"- Required
by your township. Each township has it's own laws
and prices for a "CO". Check with your township, but
the average could be around $75.00.
- POINTS - To induce a Buyer, you may pay
points to lower the Buyer's mortgage interest rate.
This is optional and is not customary on all sales.
You may also be required to pay other expenses as
well. These will vary from settlement to settlement so
check with your real estate agent prior to the date of
settlement |
