Often buyers and sellers get confused about fees associated with buying/selling a home, who is responsible for paying them and just what you are receiving in return. For my examples I will use $100,000 because it is a nice round number.
Sellers are required to pay a conveyance fee, a tax to the county in which the property is sold, that is based upon the sales price of the home. In Marion the conveyance fee is $2 per thousand, $2.00 x $100,000=$2,000
Preparation of a warranty deed which a type of deed where the seller guarantees that they hold clear title to a piece of real estate and has a right to sell it to the buyer. The guarantee is not limited to the time the grantor owned the property—it extends back to the property’s origins. The preparation of a warranty deed typically costs $50
Pro-rated taxes to the date of the closing, the buyer must pay the taxes for the duration in which they own the property while the seller gets a credit for the taxes they have paid in advance.
The seller of the property is responsible for any commissions paid, in the Marion area commissions are usually 2.5%-3% (of the sales price) per agent. If the buyer and seller are each represented in the transaction the commisions are expected to be 5%-6% of the sales price. 5%x100,000=$5,000
The title agency has their own fees that are assessed to the seller for the work that they do such as a title search, binder fee, and title insurance. These fees are estimated at $5.75 per 1000 plus $100 binder. The binder is a term used for the time in which the signatures are collected and the paperwork is filed with the auditor, recorder and engineer. $5.75 x$100,000=$575+$100=$675
Seller paid inspections are also a must to protect the seller, these prove that certain systems are in good working order befroe the buyer took ownership. These inpsections customarily come with a warranty of up to 90 days for the new owner. These inspections will vary by property depending on the location and if they have a gas line, well or septic on the property. At most the fees are as follows. Gas Inspection $65 Well Inspection $100 Septic Inspection $100 Pest/Termite Inspection $60 TOTAL $325
This is a basic run-down of the fees assocaited with selling a home, some are obviously more or less and may just not apply to your situation. Some lenders and lending programs also require the seller to pay mandated fees, the only way to know if this applys is to talk with the agent representing the buyer.
