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Raleigh Home Closing Costs - Seller

Raleigh Seller Closing Costs

There are various fees, expenses, taxes, and other miscellaneous costs associated with Buying or Selling a Raleigh Home. These are called closing costs. Some of these costs are assigned to the buyer and some to the seller.

As a Seller, You Can Expect To Pay the Following:

Mortgage balance
If you have a Raleigh mortgage, the balance of that mortgage must be paid off. This is usually the greatest closing cost for a seller.

Before the date of closing, the closing attorney will contact your lender to verify the amount needed to pay off your loan.

At the closing, the original loan will be paid off along with any other fees. After those have been paid you will then receive any net proceeds from the sale of your Raleigh home.

Other Closing Costs For Sellers are:
• Any claims against your property, such as unpaid property taxes
• Unpaid special fees such as local government charges for streets or those by an HOA.
• Real Estate agent commission
• Title fees and stamps (Stamps are a form of sales tax.)

Prorated Costs For Sellers
At the closing, several Raleigh Closing Costs are often prorated (or divided) between the buyer and you.

These prorated costs include Property Taxes and Homeowner Association fees. You and the buyers will pay for the time each of you will live in the home during the year.

Take the Property Tax for example. If the home is sold in June, you'll have lived in the home for about six months, but the bill for the taxes won't be due yet for the following year. To make this more equitable, the taxes are prorated. In this example, you'll pay the buyers, at closing, for the six months you lived in the house.

Let's look at the same time frame with HOA fees. Let's say that the closing date is June 20th. You've already paid for the entire month of June because you pay on a quarterly basis. So, you paid for April, May and June - but you only lived in the home until June 20th. At closing the buyer will pay you for the day of June 21st up to June 30.

These prorated payments and other fees and costs, are all on a closing document called a HUD* Statement. You'll receive the HUD Statement at the closing appointment.

*HUD: U.S Department of Housing and Urban Development

Other things to consider when selling your Raleigh home are Tips to Help You Sell Your Home FAST, Raleigh Sellers - Curb Your Appeal and Pricing your Home to Sell.

If you have questions about Raleigh Home Sale Closing Costs or any Homes In Raleigh,
Email Us or Call Us Today at 919-280-2726

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