As your real estate experts and guides, it is our responsibility and pleasure to get you to the closing table with as little hassle as possible. Many sellers are concerned about their “net” at closing, and there is quite a bit of misconception around what sellers need to pay at closing and what they will walk away with. Fear not! While every transaction is different, here is list of what you can expect to pay at closing:
1. PAYOFFS :: Mortgage Balance on ALL loans (primary, second mortgages, HELOC, etc)
2. CONTRACT TERMS :: You will be debited at closing for any terms agreed to in the Purchase & Sale agreement (closing costs, home warranty, etc)
3. PRORATIONS :: Depending on the time of year you close, you will receive a credit or a debit on taxes, HOA dues, etc. If you have already paid them you will receive a prorated credit, if you have not paid them, you will be debited a prorated amount.
4. REAL ESTATE COMMISSIONS :: This is the agreed upon amount found in your listing agreement. This fee is split between the selling broker and the listing broker.
5. TITLE/SETTLEMENT CHARGES :: This fee goes to the attorney and covers the cost of closing your loan(s), wiring the funds, and for recording the updated deed with the county. (Typically around $300)
6. MISCELLANEOUS :: Any other claims against your property (unpaid property taxes, unpaid HOA dues or special assessments)
The attorney provides us with a settlement statement approximately 48 hours prior to closing with final numbers. We are always here to answer any questions, so never hesitate to reach out! Want to know what YOU could walk away with at closing? Give The Peters Company a call today at 404-419-3619 for a free market analysis of your home!