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Wondering what those mysterious closing costs really cover? Our friendly guide breaks down everything in simple, everyday language so you know exactly what to expect at the closing table.
What Are Closing Costs Exactly in St. Petersburg?
Closing costs are all those fees you’ll need to pay when finalizing your home sale. While these can vary depending on your property’s location, here’s a straightforward list of what you’ll typically encounter when selling your home:
- Notary fees (for legally witnessing document signatures)
- Transfer Costs (fees for changing ownership records)
- Transfer Taxes (government fees for property ownership changes)
- Appraisal Costs (determining your home’s market value)
- Inspection Fees (checking your home’s condition)
- Origination Fees (costs for processing a new mortgage)
- Recording Fees (costs to update public property records)
- Title Insurance (protection against ownership disputes)
- Underwriting Fees (costs for loan approval process)
- Bank Fees (various charges from your financial institution)
- Courier Fees (for document delivery)
- Wire Transfer Fees (for electronically transferring funds)
- Paying off existing liens (clearing any claims against your property)
- Credit Report Fees (costs for checking buyer’s creditworthiness)
- Administrative Fees (paperwork processing costs)
- Attorney Fees, If Applicable (legal representation costs)
- Remaining mortgage balance (paying off what you still owe)
- Repairs or pest control (if agreed upon during negotiations)
- COMMISSIONS! (typically your largest closing expense)
Who’s Paying?
Here’s something important you should know: while buyers typically handle several of these fees, as the seller, you’re usually responsible for 100% of the real estate commissions. This often adds up to about 6%+ of your final sale price, making it your biggest expense after your mortgage balance. The good news? More sellers are now successfully negotiating for buyers to cover some closing costs. This creates a win-win situation – you save money while making your home more attractive to potential buyers.
As a seller, you’ll also need to pay your portion of the year’s property taxes up until closing day. Any HOA fees or community costs will also be prorated and settled at this time – think of it as paying your fair share up to the day you hand over the keys.
What Are Seller Subsidies?
This is simply a friendly agreement between you and your buyer about how much you’re willing to contribute toward their closing costs. For example, offering $3,000 toward closing can really help your buyer manage their upfront expenses. Think of these subsidies as a small investment that can attract more potential buyers and help you close your deal faster – a true win-win!
Can You Avoid These Costs?
Absolutely! When you work with a local family-owned buyer like us, we’ll handle all costs associated with closing. Since we’re not agents, there’s no commission to pay – that’s money that stays in your pocket. In most cases, we’ll offer to cover all closing costs completely, saving you both money and stress when it’s time to finalize your home sale.
Are Repairs Included in Closing Costs?
This is another point that’s worked out between you and your buyer through friendly negotiation. Many sellers take care of obvious repairs before listing their home. However, if an inspection reveals additional issues, a buyer might make their offer dependent on these repairs being completed. The good news is that when you work with us, we buy your home as-is – no repairs needed, which means one less thing to worry about before closing.