This is a common question I get when a person is considering selling their Southeast Michigan 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%, 10% on vacant land)
- transfer tax (.75%)
- revenue stamps ($1.10 per $1000)
- title insurance (depends on the sale price)
- $245 file retention fee (amount varies with different companies)
- 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, Realtor
Coldwell Banker Professionals
Jackie@JackieHawley.com
Cell: (248) 736-6407
Southeast Michigan Real Estate 