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Mortgages, Loans, and Liens: Any first or second, etc. Any lien that has been incurred with your Property as collateral will be paid through escrow. Call your financial institution(s) to find your pay-off amounts. It is wise to ask about prepayment penalties, reconveyance fees, failure to notify penalties, or prorated interest that may apply to the terms of your loan(s).
Generally 6% of the purchase price. This commission will be split between the selling and listing brokers. It is then split into an agreed percentage with the selling and listing agents. This is required.
The cost of the coverage is set by the state, determined by the purchase price of the property. Title Insurance protects the buyer or lender against issues of improper ownership or transfer. The title company will research the title for any encumbrances affecting the title, such as: liens, judgments, easements, any clouds on the title that may affect the ownership rights. Split equally between buyer and seller.
The title company will charge a fee for the preparation of the closing documents, holding funds, and making sure that all necessary conditions are met prior to releasing money or transferring title. Prorated, paid up to the day of closing by the seller. If there is an HOA governing the property, it is possible there may be a fee to transfer from one owner to the next. Buyers may ask the seller to pay for expenses on their behalf such as; closing costs, loan discount points, and the appraisal.
Other inspection costs may be requested, as well; termite, structural or general home inspection, and surveys. If you have owned your primary residence for more than two years, you do not have to pay capital gains. If you have not owned your primary residence for two years or you are selling an investment property or a second home, expect to pay capital gains. Please seek the advice of your accountant.
Compile your quotes directly from your lender, title company, HOA, etc. and I will assist you with any offer to determine what your bottom line may be. If you have owned your home for less than two years; contact your tax accountant about potential capital gains tax.