An often overlooked item of information needed by owners, before they commit to sell, are Barrington home selling costs. In other words all the fees and charges that have to be paid at or before closing to ensure a sale is completed. 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 $600,000 which is about the median sale price in Barrington.
- Brokerage Compensation – Let’s Use 6% – $36,000 (Compensation is negotiable and may be different.)
- State Transfer Tax – $600
- County Transfer Tax – $300
- Title Policy – $2,545 (2016 rate)
- Title Fees – $150
- Survey – $500
- Well and Septic Report – $400
- Attorney Fee – $550 (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 $41,345.
Barrington 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.
I hope this has given you an idea of what to expect in terms of costs. Let us know if you have a property you want to sell.