If you're considering selling your house in Columbus, Ohio, it's imperative to know the expenses associated with listing with a Realtor. Understanding these costs can help your decision-making and ensure you maximize your bottom line. Let's break down the expenses of selling a home.
Understanding Seller Closing Costs
When it comes to selling a property, there are expenses that can affect your profit. Here are the important costs you should be aware of.
1. Real Estate Agent Commissions
When you're selling a home in Columbus, one of the expenses you'll face is the commission paid to the real estate agent or Realtor. Typically, this fee ranges from 1% to 3% of the selling price depending on the agreement you have with the agent. This fee is only for the listing side of the transaction. A Realtor that brings you a buyer may ask to be compensated as well. This fee may be between 1% to 3% in addition to the listing fee.
2. Title Fees
In Columbus, the expenses associated with transaction handling by the title company are known as title fees. Typically, these expenses are split between the buyer and seller. To prevent any surprises, it's important to outline these costs from the start.
3. Prorated Property Taxes
If you sell your home throughout the year, you'll need to pay a portion of the taxes that corresponds to the time you owned the property. Taxes are always the first lien on the property and must be brought up to current at closing. This deduction will be taken from your proceeds at settlement.
4. County Taxes
In Ohio, there exists a tax imposed on property sales that is determined by the selling price. When estimating your expenses for selling a house in Columbus, it's crucial to take this tax into account. The tax will be based on the selling price of the home.
Calculating Your Net Proceeds
To figure out the amount you'll receive from selling your home, begin by deducting the closing expenses from the price. Knowing the fees involved in selling a house in Columbus will assist you in getting ready for this change.
Frequently Asked Questions
What are the typical closing costs for sellers in Columbus?
In a typical real estate deal, the fees associated with closing can vary between 6% to 10% of the sale price. These expenses encompass commissions for agents, title charges, fees imposed by the county, and title insurance costs.
Are there any hidden costs when selling a house in Columbus?
While expenses may seem clear, there can be surprises like repairs or fees that pop up unexpectedly. It's important to thoroughly go through your closing statement.
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