Before selling your condo or townhome in Lake Barrington Shores, you’ll want an idea of how much your fees are, known as closing costs. They are called closing costs because they are usually paid at the closing table, which is in a title company office that is chosen by your attorney.
General Guide To Costs Charged
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Of course every property is different and this can only be a guideline but it should give you a good grasp of your financial responsibilities.
Let’s use a sales price of $300,000 which is about the median sale price in Lake Barrington Shores in the last 6 months.
- Brokerage Compensation – Let’s Use 5% – $15,000 (Compensation is negotiable and may be different.)
- State Transfer Tax – $300
- County Transfer Tax – $150
- Title Policy – $1,900 (June 2016 rate, likely to change in June 2017 and annually)
- Title Update Fees – $150
- Closing Cost Charges for Title Company – Varies according to transaction type, you may pay all or half, estimated total is $1600 as of April 2017.
- Attorney Fee – $600 (Simple transaction)
- Mortgage Closing costs – $200 to $300 is a fair estimate of the collective costs involved to redeem the mortgage/s and free the property from those liens.
This is not an all exclusive list, however if we tally it up, your sellers costs for this example would be around $20,000. Many of these items change with the sale price. Commission, transfer taxes, title policy will certainly change. If your price is less they will be less, if your price is more, yes they go up.
Caveat: Each title company charges their own fee rates, so we cannot give you a definitive fees list. Because your attorney chooses the title company to work with there will be some variation. Always ask your attorney for an estimate of fees including his.
Lake Barrington Shores Home Selling Costs Exclude Taxes
Note: Real Estate Taxes – These are paid by the owner of the property right up to the closing day. Our taxes are always paid a year in arrears so it’s a fair bet you’ll still have a years worth to pay at sale. If you have an escrow account for taxes this will help as those funds will be used. The funds are actually passed to the new owner so they can pay the bill when it arrives, next year.
Because it is the second largest amount due to be paid at closing, it’s something you need to remember. It isn’t a closing cost, it’s an amount owed to a bill not yet received, for the time you owned it.
Home Owners Association Dues
If you are paying your dues on time every month, this will be prorated on the day of closing. When you close mid month and you are paid to date, you’ll actually be given a prorated refund. For closings on the last day of the month, you’ll be paid exactly to date. Nothing should be due unless you are not paying monthly on time. If you are behind it will be deducted at closing and usually there are interest charges added.
I hope this has given you an idea of what to expect in terms of costs to sell in Lake Barrington Shores.
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