Typically a seller has to pay about 6% of the sales price plus closing costs (we will go over that later). That percentage is split between the listing agent and the buyer's agent. Listing your home with a discounted service gives you a major advantage as you only have to pay a buyer's agent commission.
As a seller you will have to pay for closing costs that include:
- Washington State Excise tax of 1.78%. This is the second largest cost next to the real estate commission.
- Half the escrow transaction fee which is based on the sales price of the home. The escrow fee for a $450K house is $1400 total.The seller would be responsible for $700
- Title Insurance to the buyer, this too is based on the sales price. For example, a $450K house is upwards of $1120 total.
- Remaining balances of loans that are on the house, plus any pre-payment penalties if any apply.
- Utility Payoff. This depends on what you owe to all the utility companies that are linked to the home. This can range from $0 to whatever is owed.
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