What Are The Costs Associated With Selling My Charlotte Home?

Both buyers and sellers of Charlotte real estate have closing costs associated with the transfer of real property.  Each party is responsible for various costs in the transaction.  It is my job to be sure that PRIOR to closing, I provide your estimated Closing costs so that there will be no surprises at Closing.

Seller Net Proceeds

While I cannot calculate your exact costs associated with Closing on the sale of your real property in North Carolina, I am able to provide you a fairly close estimate of your profit margin from the sale.

If you are thinking of selling your home in Charlotte NC, below are the costs that will be associated with that sale.

  • Charlotte NC Seller Net Profit SheetReal Estate Property Taxes:    These are your annual Real Property Taxes.  The taxes will be prorated, meaning that you, as the seller, will pay for your portion of taxes from the current year, up to the day of Closing.  The buyers will be responsible for the remainder of the year.  For example:  Closing date is 11/30, the seller will pay the taxes, prorated, from 1/1 through 11/30 and the buyer will pay the taxes from 12/1 through 12/31.
  • Homeowners Association Dues:  If your home is located within a community that is a part of a Homeowners Association, you will be required to pay your Homeowners Association Dues up to the time of Closing.  If you have already paid your HOA dues for the year, you will be reimbursed at Closing (from the buyer) for the months that you paid but, will not be residing in your home.
  • Current Mortgage Payoff:  The attorney that is handling the Closing for the buyer will request your mortgage payoff from your mortgage company 48 hours prior to Closing.  Your current mortgage will then be paid in full with the proceeds from the sale of your home on the day of Closing.
  • Document Preparation:  Attorney costs vary between $200 and $400 and will cover the attorney preparing the Deed to transfer over to your buyer.
  • Overnighting/Copy Fees:  Attorneys typically charge a $24 – $40 fee for Fed/Ex or copy fees, which may or may not be applicable to your transaction but, is generally an across-the-board fee.
  • Tax Revenue Stamps:  These are not to be confused with the Real Estate Property Taxes as discussed above.  This is simply a tax charged by the state of North Carolina for selling your home. The charge is $1.00 for every $500.00 of the sales price. The best way to calculate this fee is divide the sales price of the home by 500.  For example, a home that is selling for $500,000/500 = $1,000 in a tax revenue stamp charge.
  • Commission:  The fee that your real estate brokerage charges, either a percentage of the sales price or possibly a flat fee, whatever was agreed upon in your Listing Agreement with your real estate brokerage.
  • Home Warranty:  Typically the buyer requests that the seller provide a 1-year home warranty to be delivered at Closing.  These can range in cost from $350 to $1,500, depending upon the depth of coverage you are willing to provide your buyer–provided they ASK for a home warranty.
  • Closing Costs:  Buyers often request that the seller assist them with some or all of their Closing costs.  This is not standard practice but, be prepared that the buyers may request that you pay 1 – 3% of their Closing costs.
  • Negotiated Repairs:  Buyers also often request that the sellers pay for some of the repairs found on the inspection report, either by having the repairs performed with the contractors being paid from your proceeds at Closing, having the attorney hold a check for satisfactory completion of the repairs following Closing or most sellers choose to pay the contractors outside of Closing for the repairs.

If you would like to discuss any of the Closing costs above or be provided a Seller Net Proceeds document (calculations specific to the sale of your home), give me a call at (704) 491-3310 or email me at CharlotteBroker@icloud.com.  Let’s talk about listing your home and what your net proceeds will be when we ultimately get it SOLD!

Charlotte North Carolina Real Estate and Relocation

Debe Maxwell, CRS, Realtor®/Broker
THE MAXWELL HOUSE GROUP REAL ESTATE
2901 Coltsgate RD, Suite 100
Charlotte, NC 28211
Mobile: (704) 491-3310