You are probably wondering what it will cost when selling a home here in Wilmington, NC. This list will explain the costs associated with closing on a home but in no way should be taken as an exact figure. Costs can vary based on what companies are used.
Selling a home is not simply finding a buyer, exchanging funds, and handing over keys. When selling a home in our market today it is key to have an agent who is an expert in both selling and marketing your property. Costs associated with the sale of your home are outlined below with their price range specified.
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How much are Commissions?
Commissions in North Carolina are 100% negotiable with the average being 6% total. Let's take the average and break it down even more. That 6% is broken down further as 3% going to the listing firm and 3% going to the selling firm. Activities that are completed by the listing firm include, marketing the property, listing the property on popular real estate websites such as Zillow and Realtor.com, holding open houses, advertising your property on social media as well as other avenues like craigslist and community groups, and last but not least negotiating your real estate transaction. Typically in North Carolina the seller is responsible for paying the entire commission split between the listing firm and selling firm. Don't forget that commission is completely negotiable but also don't choose an agent based on them offering a lower commission split. Every agent is different and markets properties in different ways. Be sure to understand how they will market your property and work to get your home sold.
How Much are Appraisals?
The average appraisal fee in Wilmington is $500 which depends on the size of the property. The appraiser will look the property over thoroughly and take into account features of the home and nearby recently sold properties within the last 6 moths in order to determine how much your home is worth in the current market.
Recording Fee: This is the cost that will be associated with recording a new deed. This cost is typically paid by the buyer in North Carolina and generally costs $50.
Pest Inspection: When a pest inspection is required or requested a pest company will come out and access the property for any presence or pests that can destroy or affect the structural integrity of the property. Typically in the Wilmington area these inspections range from $50 - $125. This cost is usually handled by the buyer of the home but in some situations this will be a cost to the seller.
Courier Fees: During the closing process paperwork changes hands a lot which requires sometimes overnight delivery and postal services. Fees for this can range from $50 to $250 in some situations.
Revenue Stamps: Revenue Stamps is essentially excise tax and in North Carolina the rate is $2 per $1000 of the sales price. The easiest way to calculate the tax is divide the sales price by 500. For example, if you purchase a home for $300,000 you would divide by 500 which equals $600.
Attorney Fees: In order for the sale of your home to take place an attorney will be needed for document preparation and closing administration. Typically in North Carolina attorney fees paid by the Buyer are a lot higher than what the Seller will pay. Seller fees range anywhere from $150 to $300 depending on the type of property and preparation required.
Surveys: Sometimes a survey will be ordered for the property under contract either expressly by the buyer or lender if required in order to mark out the boundaries associated with the property. In North Carolina these fees can range from $450 - $600 depending on the size of the lot and the company you go with. It's very rare for a seller to have to pay for a survey unless it's predetermined in the offer contract.
Home Warranty: In some cases a home warranty will be negotiated with the sale of the property and will be paid by the seller as part of closing. In North Carolina these plans typically range from $450 to $850 depending on the company and plan associated.
Prorated HOA dues and Taxes: In North Carolina if the property is part of an HOA then the dues for the year will be prorated to account for the time the seller has occupied the property and the remainder of the year that the buyer will occupy the property. Prorated property taxes are handled in the same manner. All HOA dues and taxes for the time period that the seller has owned the property will be due at closing and collected by the attorney. If your property taxes are normally paid by your mortgage company in the escrow, then you'll receive a refund from your mortgage escrow within 30 days from when your house sells.
Buyer's Closing Costs: Depending on the terms offer, you might end up paying part of the Buyer's closing costs if that is agreed on per the offer.
Choose an agent to help you
When choosing an agent be sure to go with an agent who has the expert knowledge of listing and selling property. The Regina Drury Real Estate Group has that and more. We look to provide you with all of our expert knowledge and focus on maintaining a high degree of customer service that will leave a lasting impression. Contact us today to talk more about your real estate needs.
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