Wondering what costs you'll face as a home seller in CT? You won't walk away from closing with a check for the full purchase price! Read this quick guide to help you understand all your closing costs, and most importantly what you get to keep!
Seller's closing costs in a Connecticut home sale:
CONNECTICUT SELLER SIDE CLOSING COSTS:
Realtor commissions:
While real estate commissions are always negotiable, for these purposes I will use an example of 6% commissions. That includes compensation to the listing agent, and the listing agent pays a portion of this to the cooperating broker ( the buyers agent ) .
Conveyance taxes:
In any real estate sale in CT (excluding some short sales and foreclosure sales) the state charges a fee for conveying property. This fee is .75% (3/4 of 1%) of any sale up to $800,000 after which the fee jumps to 1.25%. The town you live in will also charge their own conveyance tax of .25% (for most towns – a few charge more – 1.25%). Conveyance taxes usually total is 1-1.25%.
Legal fees:
Your closing attorney will also charge a fee. This is usually $500-$1,000 or more depending on the complexity of the transaction.
OTHER POSSIBLE SELLER COSTS:
Seller concessions:
Often, buyers will ask for sellers to pay for some of their closing costs or there will be repair credits issued. These can vary widely.
Prorations:
Sellers will usually either be credited for real estate taxes paid, or at times they may be be debited for real estate taxes not yet paid but due at the time of closing. Usually some adjustments will be made for heating fuels left behind or prepaid expenses such as refuse disposal services.
Wire, courier, etc:
There may also some other smaller administrative fees involved which can vary slightly.
- Realtor Commissions: -$12,000
- Conveyance taxes to town and state: – $2,000
- Legal fees: – $1,000
Last Updated on September 16, 2020 by Minna Reid
It is definitely important to be aware of the costs when selling a house. Great blog by the way and thanks for sharing this information.
People do need to know about the costs that are involved with selling a home. Seeing that I am going to be doing that to mine here soon, I should probably look more into it. As you said here, there will probably be commissions and taxes that I need to take into account with the total price.
Way cool! Some extremely valid points! I appreciate you penning this write-up and also the
rest of the site is very good.
Thank you for useful article. It is important to aware of the cost when selling a house.The real estate group of is a full service Connecticut residential real estate brokerage. While real estate commissions are always negotiable, for these purposes I will use an example of 6% commissions. They are site is very great and informative. I will sharing in this post.
That’ goo to know that sometimes a buyer will ask that you do things like repairs and maintenance on your house before they buy it. I am thinking about selling my house for the first time and I was wondering how much I will need to be spending. I’ll have to make sure to put aside some money for things like repairs, or the legal fees If I do end up selling it.
You’re going to want to plan on spending 7-8%, BEFORE any repairs or seller paid concessions to the buyer.
I’ve been thinking about selling my home and moving into something smaller. Now as you said here, it is good to know the costs associated with this. I’ll have to keep the commissions and the taxes in mind so that I can prepare for them after the house is sold.
Nice post. I learn something more challenging on different blogs every day. It will always be stimulating to read content from other writers and practice a little something from their store. Thanks for sharing.
We are looking to sell our home. I’m wanting to do it quickly and with little interruption. We’ll probably get the help of a conveyancer just to make the process go a bit faster. That and I wouldn’t mind paying extra for one.
Very informative post. I was looking for such kind of informative article for a long time and after reading your post I got exactly that what I want. Thanks a lot for sharing such post.
Thanks for sharing this useful information this article is really helpful for managing the rate of your home
I really like that you talked about the fees that usually go to the real estate agent after selling the house. My spouse and I are trying to get our home sold this year so that we can move into our dream home. We need to find a good real estate agent that will help us buy and sell our homes this spring.
Thank you, Minna Reid, for putting together everything in real estate. I think you have covered all the major points in this article, I will share this with my network as well. Thank you for giving us this use full information.
great post !!
I found it helpful when you said that sellers will usually either be credited for real estate taxes paid or at times they may be debited for real estate taxes not yet paid but due at the time of closing. My wife and I just bought a house. But the transfer of the owner’s name will be at our expense. We will be looking for property transfer services to do the job for us.