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Archive for April, 2011

What Real Estate Costs are the Oakland County Seller Responsible For?

This is a common question I get when a person is considering selling their Oakland County MI home. First let me explain that most everything is negotiable; the purpose of this post is to address what is customary for the Oakland County and Lapeer County areas.

Costs to the seller:

  • commission (I normally charge 6%)
  • transfer tax (.75%)
  • revenue stamps ($1.10 per $1000)
  • title insurance (depends on the sale price)
  • $295 file retention fee to ReMax Encore
  • misc. costs such as wiring fees, recording fees and I usually estimate on the high side at $500 but is probably closer to $100 on most transaction

If you currently have a mortgage on the house that will have to be paid out of your proceeds. Taxes are usually prorated to the date of closing and if you are current on your taxes you will probably get some back. Homeowner association dues is usually prorated to the date of closing. Water and sewer bill (if applicable) are paid at closing.

If there is possession $200 or $300 is usually escrowed at closing to cover any water/sewer charges for the time you live in the house as a tenant after closing. You will normally pay the new owner’s house payment for the time you stay after closing. So you agree on 45 days possession after closing, we will typically escrow 45 days of the new owner’s mortgage and you pay for the days you stay.

These costs are for a normal sale- not short sale or land contract sale.

For more information about selling your Oakland County or Lapeer County MI home please don’t hesitate to contact me.

Jackie Hawley
cell: (248)736-6407
email: Jackie@JackieHawley.com
www.MiRelocation.com

For Sellers

Seller Concessions for Dummies

Why are Both Buyer and Seller Paying for Title Work?

For the Non Distressed Seller (normal sale)

 

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