It is important to understand when you sell your house that there will be costs associated with selling. You will net the amount of the agreed upon purchase price minus the costs to sell. The following are types of costs which may apply to your sale:- Outstanding balance and interest owed on your home loan
- Any real estate taxes still owed (annual taxes are typically prorated between the buyer and seller based upon the sale date)
- Any outstanding home owners association fees or assessments due plus home owners association transfer fees
- Title Insurance
- Closing fees charged by the escrow company
- Recording fees, transfer fees, or other government registration fees
- VA or other loan fees required to be paid by seller, if applicable
- Survey fee, if applicable
- Home Warranty, if agreed as part of sale contract
- Any outstanding liens, if any, against the property
- If an attorney is utilized, attorney fees
- Brokerage commission
In addition to these costs, some seller's agree to pay a portion of the buyer's cost as part of the negotiated contract for sale. Additionally, you may owe federal, state, or local income tax on the proceeds of your sale depending upon your situation. Consult your accountant or the IRS to determine if you will owe taxes.
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