What costs will I incur when selling my house?

Closing on a property for a seller is far less expensive than when purchasing a home. The expenses for selling are considerably lower.

Here are the costs to expect when selling a home.

1. You will need to hire an attorney to prepare the deed, obtain the payoff statement, and coordinate with buyer’s attorney for the closing. This cost will vary depending on the attorney.
2. Most towns have certificate of compliance that must be obtained for the closing. This is a small fee.
3. If you own a condo, you will need to pay for the resale certificate package and condo questionnaire for the buyer and mortgage company. There may also be the cost of a fire and safety inspection. Fire and safety inspections consist of the fire marshal coming to the property to conduct a safety check. This includes checking the smoke detectors, fire extinguisher, handrails, GFCI outlets, labeling of the electrical panel, egress windows for bedrooms and basement living space and other components considered safety items. They will want to see proof the heating system or any fuel combustible device such as a fireplace, woodstove or pellet stove has been services within the last two years. The dryer went would also need to be serviced within the last two years. Since the code is revisited every three years for possible update, it may be possible to out of compliance from when the time the condo was purchased.
4. If you own a multi-family property, there may be an additional cost for filing EMP, if not already done, fire and safety inspections and certificate of occupancy.
5. Payoff for a mortgage or home equity loan.
6. Overnight fee to pay off the mortgage once it has closed.
7. Final water meter reading if on public water and sewer.
8. The other expense will be the Realtor’s fee.