Selling Your Home: The Hidden Costs
Seller's Transaction Costs
- Real Estate commission (5% to 6% of the sales price)
- Inspections ordered by seller (usually in advance of on market date)
- Hazard report
- City resale inspection report
- Fire department inspection (if required)
- City sales tax (if required)
- Documentary tax (.55 per $500)
- Current property taxes and any past due property taxes.
- Any credits mutually agreed upon for the removal of inspection contingencies
Pro-rated property taxes might be due depending on the time of year. Property taxes start calculating on July 1. The first six months end on Dec. 31. Property tax bills are due in October for the first six months and in February for the second installment. They become delinquent after December 10th and April 10th.
If the you have already paid the next installment, then you receive a credit. The buyer will be responsible for the remainder of days left in the six-month installment. Ask your escrow officer to clarify what if any will be your burden upon closing.