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Question about selling a home?
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Question about selling a home?
Are there any other fees you have to pay? For example:
If you sell for $100k and you owe a realtor $25k and the mortgage payoff is $25k are you left with $50k?? I wasnt sure if you have to pay sales tax or whatever.
Thanks!
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Posted 1/23/07 3:36 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
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Re: Question about selling a home?
I think the answer to your question is that all those fees are worked into your closing costs.
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| Posted 1/23/07 3:53 PM |
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Ang-Rich
Beyond Compare
Member since 5/05 17988 total posts
Name:
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Re: Question about selling a home?
I think - think - that so long as the residence has been your primary for 2 years and you sell for under a certain amount that you do not get taxed as a gain on the property. Something like that - maybe someone knows the correct wording for this.
Some things off the top of my head (many are combined with closing costs):
REA
Lawyer
Mortgage Broker (if applicable)
Bank for Mortgage Payoff
A portion of your property tax ???
Title Search
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| Posted 1/23/07 4:24 PM |
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MrsERod
Praying for Everyone.
Member since 5/05 26170 total posts
Name:
MrsERod™®
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Re: Question about selling a home?
Posted by Ang-Rich
I think - think - that so long as the residence has been your primary for 2 years and you sell for under a certain amount that you do not get taxed as a gain on the property. Something like that - maybe someone knows the correct wording for this.
Some things off the top of my head (many are combined with closing costs):
REA
Lawyer
Mortgage Broker (if applicable)
Bank for Mortgage Payoff
A portion of your property tax ???
Title Search
that's correct....Capital Gains
title search i believe is paid for by the buyer..
in addition to what Ang listed above, there's also Property Transfer Tax, and any credits for Homeowners Ins and fuel costs.
hth
eta: sorry, i see Ang mentioned property tax 
Message edited 1/23/2007 4:29:18 PM.
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| Posted 1/23/07 4:28 PM |
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lullabella
LIF Adult
Member since 5/05 2246 total posts
Name:
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Re: Question about selling a home?
Thanks Ladies. We have owned the home for longer than 2 years. I assumed some of those other fees.
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| Posted 1/24/07 9:12 AM |
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