Sellers Costs
Outlined below are approximate costs on selling your home for your perusal and to avoid any surprises on closing. I have also provided an example of a house that sold for $100,000.00.I further suggest paying a visit to the bank to determine what penalty or fees you will incur in paying out the mortgage, before listing your house for sale. When you took out the mortgage you took it out for a specified term, which could be anywhere from variable, open, or fixed from 6 months to 10 years. If you are paying out the mortgage prior to the end of the term penalties could be substantial. These penalty fees can be avoided in some circumstances such as: 1) a replacement mortgage on your new property at a blended rate of existing and current rates, 2) a replacement mortgage from the new purchaser (it is possible to make it a condition on the sale of your house) 3) Present interest rates are higher than on existing mortgage. Discuss these variables with your banker and obtain a commitment in writing on the conditions of the penalties being waived. Other than the penalties there will be a nominal fee of approximately $50.00 for a payout certificate on the mortgage.
| Selling price of house | A | $100,000.00 | |
| Real Estate Commissions - approx 6% of sale price | B |
- $6000.00 | |
| Lawyers Fees | C | - $500 | |
Disbursements made by Lawyer on sale of house:
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| Subtotal Disbursements (add B thru I) | J | $6621.00 | |
| Net Proceeds of Sale (A minus J) | $93,379.00 |