Selling a home

We are thinking of putting our house up for sale in the next year. What expenses can we expect ? What is typical commision?

Selling a home

3-6% commission, closing costs are $$$ when you sell and then when you close. Lawyers fee as well.

Re: Selling a home

Commission is typically 4% on LI and seller pays it all. Other expenses will mostly be whatever costs you have to pay around your mortgage.

Re: Selling a home

I can't comment on the commission as typical because we have price fixing laws, and every agent/brokerage sets their own commission.

But as far as closing costs - as a seller, you really have minimal closing costs (compared to how it is on the buy side).

Other than the real estate brokers' fees (which comes out of your proceeds, and isn't really a closing cost per se), the seller just pays his/her attorney's fee (usually in the range of $1000-1500), and the NY State transfer tax, which is mimimal (it's $4 for every $1000 for the sale price, so on a $500K home, it's $2000).

If you have a mortgage that you are satisfying, you will pay the title closer a pick up fee to take care of that properly. It's usually like $250 or something in that ballpark, though again, each one can set their own fee.

And then there are adjustments that will be made at the closing table. For example, if you are in Nassau, some taxes are paid prospectively and some retroactively. So they may owe you money if you paid to cover some of the time they will be living there, but you may owe them money if they will be paying retroactively for some of the time that you were still in possession of the house.

Selling a home

Thanks!