If you are considering selling your house or investment property, do you know how much your net proceeds will be? You can determine estimated net proceeds and your seller closing costs by making the following deductions, including HOA fees and title insurance, to your anticipated sales price.
First - The Seller typically pays for the title insurance or policy, depending on the market and contract agreement. The Texas Dept. of Insurance has a chart online for this, or you could talk to your realtor or title agency to get this information. The link to this website is:
https://www.tdi.texas.gov/title/titlerates2019.html
Second - Property Taxes. The title company will estimate the amount for the full year and charge a prorated amount that covers the first of the year to the closing date.
Third - Loan Payoff. Your lender can tell you how much your payoff will be.
Fourth - Realtor Commissions. This amount will be depending on what you negotiate with your realtor and includes the Seller’s Agent and the Buyer’s Agent fees.
Fifth - HOA Fees – if the property you are selling is a member of a Homeowners Association. Like the property taxes, this is prorated and may either be charged or credited to the seller, depending on when the HOA charges are billed and paid. There may also be an HOA transfer fee and fee for a resale certificate. The amount of these dues will need to be provided by your HOA.
Sixth - Recording Fees, Escrow Fees, and Other Processing Charges - If you as the seller agree to pay additional title coverage for deletion of area and boundary coverage, this is another cost that would be deducted from your sales price, as well as any fees for recording the documents with the county, fees for holding earnest money in escrow, and courier fees.
Once you deduct the above charges to your sales price, you will be able to estimate your net proceeds. Your Realtor or Title Company can help with this.
July 2023 Market Update Port Aransas by the Saltwater Shores Team Real Estate
