CALCULATING CLOSING COSTS WHEN SELLING A PROPERTY

Closing costs are the fees paid to third parties that help facilitate the sale of a home. Seller's costs are estimated to be 1-4% of the purchase price. While some closing costs must be paid before the home is officially sold, most are paid at the end when you close on the home and the keys exchange hands.

Here are the closing costs that sellers are typically responsible for:

• A closing fee, paid to the title company or attorney's office where everyone meets to close on the home.

• Taxes on the home sale.

• Fee for an attorney, if the home seller has one.

• Fee for transferring the title to the new owner.

Keep in mind that sellers pay all real estate agents' commissions, which typically to 6% of the home's sales price. Knowing how much it will cost to sell a house can help you avoid disappointment when the time comes to put it on the market.

REFERENCE: Realtor.com

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