This is one of the first questions sellers ask me prior to listing their home.
And many are shocked by my response.
Commission. That’s pretty much it!
In Georgia, the buyer is responsible for the transfer tax on the sale of the property, as well as all attorney and title exam fees. Additionally, if they obtain a loan the buyer will incur closing costs associated with the loan.
The seller is only responsible for paying the commission agreed upon between them and their real estate professional. (In Atlanta, this is typically 6% of the contract price.) During the negotiation of the contract, a seller may agree to pay part of the buyer’s closing costs, or offer some concessions in lieu of repairs.
The only other items sellers can expect to potentially pay are:
-prepayment penalty to the lender (if their specific loan requires this)
-payoff/handling fee to the attorney when applicable (this is usually less than $50)
-recording fees (in certain situations the attorneys may have to file an affidavit with the county and there is a recording fee associated with this. It’s usually less than $20.)
As a real estate professional, one of the things I do for my clients is provide an estimated net to seller worksheet. This way there are no surprises at closing and they prepare themselves accordingly.
If you’re considering selling your home, contact me today!