The general rule of thumb is that selling your house will cost approximately 8.5 to 9% of the sales price. These costs include:
- Escrow fees. These fees are based on the price of the home and are generally divided between the buyer and seller.
- Title fee. As a seller, you are required to purchase title insurance to ensure that the title of your property is transferable. It is also based on the sales price.
- State excise tax. Currently 1.78% of the sale price of your home.
- Real estate fees. These fees vary, and refer to the cost of hiring a Real Estate Broker to advertise, market, and negotiate the sale of your home, and a full-service brokerage or one of the varying limited service brokerages. Customer service, market knowledge, advocacy and marketing can vary greatly with all brokerages and brokers. Statistics show that full-service Real Estate Brokers traditionally get you a higher sales price than you would on your own.
- Pro-rated property taxes. At closing, the buyer and the seller are responsible for taxes during the time of their ownership. The buyer assumes responsibility for taxes after closing.
- Wire transfer and courier fees.
- County recording fee.
- Oil tank decommissioning fees (if applicable, and only if it hasn't been done in the last twelve months).
- Septic tank pump and service fees. (Only if it hasn't been done in the last six months).