Closing Costs when you sell your home

Do you know what your closing costs will be and what you will net after the sale of your property?

When you show up at escrow to sign all your closing documents, the closing agent (escrow company) will have a Preliminary Settlement Statement that will show all the debits and credits for your sale, and on the bottom of the first page, there will be a net proceeds that says "Cash (to or from) Seller. If you owe more money than what the property is selling for, then you will have to bring money to the closing.  However, most sellers receive cash from the sale of their property.

You should always find out ahead of time what your approximatet net will be by calling the escrow company you used when you bought the home, or any reputable company that you plan to use to close the sale. They will give you an approx. net proceeds workout at no charge.  If you have listed through List4FlatFee.com and are offering a 3% buyer's agent commission (the amount is up to you when you list), then you will obvioulsy have that amount come out of your proceeds.  Other costs include Washington State real estate property excise tax of 1.75%, title insurance and your side of the escrow fee. The two latter items you can get a quote from your escrow company.

Miscellaneous fees include loan pay off from your lender, fed ex fees, reconveyance fees (usually around $140), prorated association dues, if any and of course your actual loan if there is one.

The above information is approx. and you are advised to contact a licensed escrow company to obtain actual amounts so that you won't be surprised when you go into sign all your closing documents.