Understanding Sellers Fees on Property

by | Dec 26, 2013 | Real Estate

Recent Articles



One of the main issues that new home buyers come up against is closing costs. Closing costs are the costs involved with the final transfer of the property from the seller to the buyer. The closing costs include a whole bunch of items from the home inspection, the survey, the credit report, deed recording and notary fee among many others. The list is not included in the cost of the actual home, but extra and this can be the crippling part of the home buying process. Not only are you purchasing the house, but you are also going to have to pay all the fees associated with the buying process.

As a seller you are responsible for fees that are usually based around the final valuation of the home and the commission you pay to your real estate agent. For instance, the percentage of seller fees is different around the country and for each real estate agent. You might pay a 3.95% Sellers Fee in Pembroke Pines FL but 4.5% elsewhere. This figure is usually based on the price of your home and it is the fee you pay to the real estate agent for doing all the leg work involved in selling your home. Of course you can avoid some of those fees if you sell your home independently on a ‘for sale by owner’ basis, but you might not get the same level of publicity and exposure that you would get from having a real estate agent working for you.

How to Find Out What you will Pay

Initially, you should probably talk to a few real estate agents and ask exactly what their final selling fees will be before you decide which agent to use. You will probably have to sign an exclusivity contract, but if you don’t you might still have to pay all the agents you engage in the event that your home sells. They will both have put work into selling it and it’s not a first-past-the-post situation when you sell. They may both want their pound of flesh, so before you make a final decision make sure you understand all the small print involved in multiple agent fees when selling your home. Be clear about their requirements and everything they expect from you and vice-versa.

Related Articles