The costs associated with selling a home

On Behalf of | Dec 26, 2019 | Real Estate |

Ideally, homeowners in Mississippi will be able to sell their homes for more than they are worth. However, this doesn’t necessarily mean that they will realize a profit from the sale. This is because there are a variety of fees that might need to be paid to close the transaction. For instance, the services of a title and escrow company may be needed to ensure that the transaction is finalized properly.

Sellers may also need to pay a real estate agent and an attorney to help them with the sale process. A real estate agent could command a commission of up to 6% of the home’s sale price, and this amount is often split with the buyer’s agent. Just like buyers incur closing costs, sellers might also have closing costs that can be as much as 3% of the sale price.

It is important for individuals to account for taxes when selling their homes. In many cases, they will owe property taxes for the year in which the home was sold, and a seller might also pay a transfer tax to the state where the home is located. In many cases, these costs are taken out of the money that the buyer provides to purchase the home. However, if that isn’t enough to cover them, the seller might be required to write another check to pay what is left over.

Those who are looking to sell their homes may want to hire a real estate law professional to help with the sale. This may make it easier to ensure that all relevant disclosures have been made and that disputes are resolved in a timely manner. Ultimately, a seller may be able to get more for a home and keep more of the equity in the property.