Closing Costs for selling your Tucson, AZ Real Estate can very often be a surprise for many Home Sellers. At Close of Escrow the total charges and fees can amount to around 10% of the total selling price. Here are some of the most common expenses to help you be informed to prevent any surprises at closing.
The figures below are a guideline only and can vary greatly, check out the HUD.GOV website for further detailed help, advice and information related to Closing Costs and other fees. If you find that the transaction is complicated, it is always smart to consult with a Real Estate Attorney.
- Real estate agent commission – range between 4% to 7% of the selling price of your property, which is the broker’s cost to sell your home.
- Escrow fees – for escrow agent handling the transaction, can be split equally between buyer and seller and can cost several hundred dollars.
- Recording fees – this verifies that your mortgage has been paid off by the sale proceeds and can cost between $20 to $150.
- Owner’s title insurance – in some cases, the seller will provide a policy of title insurance for the home buyer. The cost depends on the sales price of the home and can cost from $300 and up.
- Prorated property tax and HOA fees – you are responsible for paying these amounts due up to the day of closing.
- Termite inspection – typically required by lender and costs around $50 to $125 depending on the size of home and other factors.
- Home inspection – $250 to $500. If there are problems with the home, you may need to have these issues corrected before you the buyer will accept the terms of the purchase contract.
- Home Buyer Warranty – many homes are sold with a home warranty, which guarantees the buyer all of the mechanical and electrical appliances are working and will continue to work during the first year of ownership.
- Additional buyer credits – in certain situations, some sellers give credits to buyers for things that do not work or are aging in their home. The cost for this will vary greatly.
- Unpaid liens or HELOC – at closing, the seller needs to pay off any liens or home equity line of credit (HELOC) related to the property being sold.
*Data provided are estimates and are to be used only as a guide for estimation.
For a more accurate Tucson property specific estimate, call me on 520-288-6762 or click here > Buyer|Seller Estimated Cost Sheet
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