What are some of the costs to a seller in a real estate transaction?
Hi, I am Mark Saladin, I am one of the partners here at Zanck, Coen, Wright & Saladin in Crystal Lake Illinois and I’ve been a practicing attorney for over 30 years; most of them right at this firm. Today we are going to talk about common real estate questions.
Some of the costs that a seller will have in a normal real estate transaction involving residential property will be number one – a title report. We have to determine what the status of the current title is for the new buyer. We also will have to order a new survey. We will have a tax proration for a portion of the year that you still are the owner of the property. There will be the payoff of your existing mortgage if you have an existing mortgage. If you lived in the country there may be a well and septic report that will be necessary.
Costs that are involved in a real estate transaction involves the broker’s commission if you have a real estate agent involved in the transaction as a seller, you will be paying their commission. And then there will be closing costs that will encounter when we close at a title company just to be able to handle all the different people work and disburse the funds at closing.
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