Seller’s Closing Costs
Are you thinking about selling your home in Oahu? Do you have thoughts about how much selling a home will cost? Have you wondered how much the closing costs will be? When selling a home, there will be costs associated with the sale of the home for the seller and buyer. As a seller, it’s wonderful you’re educating yourself now for the upcoming costs. In Hawaii, here are the typical closing costs when selling a home or condo.
- Mortgage Loans – The mortgage loan or loans will be paid off in full at the settlement. If you don’t have a mortgage loan, then the cost would be $0.
- Real Estate Commissions – I charge 3% as a Buyers’ Agent and 3% as a Sellers’ Agent.
- Transfer Taxes or Recording Fees – These are taxes imposed by the state or local government to transfer title to one owner to the other.
- Title Insurance – Protects against liens, claims, filing errors against the title.
- Escrow Fees – Are the fees paid to a title company to perform the title search, preparing paperwork, notary, etc. for closing.
- County Transfer Taxes (Conveyance Tax) – This is the tax on the sales price of your home or condo.
- Attorney Fees – Fees paid to your attorney to represent you at the settlement.
- Recording Fees – Fees paid to the Bureau of Conveyances to record the new owner in State documents.
- Termite Inspection – The seller typically pays for the termite inspection of the home and remediation.
- Condo Documents – Documents pertaining to the building, association for the condo.
- Leasehold Documents – If it is a leasehold, the seller will have to provide the lease-related documents.
- Repairs – Repair bills or credit for repairs for items found during a Home Inspection or lender required repairs for a buyer to obtain a loan.
- Survey for a Single Family Home – This verifies the boundaries and if there are any encroachments on the property.
- Liens or Judgments – If there are any unpaid homeowner association dues, prorated property taxes, and homeowner association dues, this will be included in the settlement fees.
- Cleaning Costs – A professional cleaning company should be hired to clean the home after the seller’s items are removed.