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How Much Does It Cost To Sell Your Home?

Sunday, November 24, 2019   /   by Katrina Miller

How Much Does It Cost To Sell Your Home?

How Much Does It Cost To Sell Your Home here in Spokane, WA? 
Hopefully, you are making money off your home sale but here fees that you need to know about-

Real Estate Commission-
When you sell your home and use a realtor the average % of the commission you pay your list agent is 3% and you need to pay the buyers agent as well. That is a total of 6% in the end. It may seem like a lot but to get top dollar for your home it is wise to use a professional. It's worth the $. 

Transfer Taxes-
The REET in Washington State is 1.28% on the value of the real estate. But home buyers and sellers should note that many local jurisdictions impose their own additional transfer tax in addition to the REET. The additional tax is usually between 0.25% and 0.50%, although there are also a few exceptions where the additional tax is much more substantial. For example, San Juan County imposes a local transfer tax of 2.78%.

According to First American Title Here is a list of what Seller typically pay-
The Seller generally will pay:
Owner's title insurance premium;
Real estate agent's commission;
Escrow fee, one half;
Any loan fees required by Buyer's lender per contract;
All loans in Seller's name (unless existing loan balance is being assumed by Buyer);
Interest accrued on loan being paid off, statement fees, reconveyance fees, and any prepayment penalties;
Termite inspection and any termite repairs per contract;
Home warranty premium per contract;
Homeowner's Association transfer fee, one half;
Any judgments, tax liens, etc., against the Seller;
Recording charges to clear all documents of record against Seller;
Property taxes: pro-rated to date title is transferred plus any delinquent taxes;
Any unpaid Homeowner's Association dues; and
Any bonds or assessments per contract
Lets meet up and chat more about what else you might need to pay when selling your home! 

Katrina Jo Miller

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Haven Real Estate Group
Cambria Henry
304 W Pacific Ave; Suite 360
Spokane, WA 99201

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