We received another question from a viewer this week, “I’m selling my home. What costs should I expect to pay?”
The biggest cost a seller should expect when selling their home is the payoff of the mortgage. When notified of an upcoming sale, the mortgage lender will provide a written payoff and this payoff will identify the exact amount that is owed to pay the loan in full. The lender will calculate all outstanding principal, accrued interest, in addition to all other fees and costs.
In addition to the mortgage payoff, sellers should expect the cost of the real estate broker’s commission, ancillary recording costs, tracking and any adjustments for condo fees, fuel, or real estate taxes.
One thing people tend to forget about when selling their home are the Deed Stamps. Deed Stamps are an excise tax and in Massachusetts they are calculated by $4.56 per $1000 of the sale price (except Barnstable County which charges $6.12 per $1000 of the sale price). For example, a home that sells for $500,000 will result in a tax of $2,280.
If you have any questions about selling your home and or your payoff, contact Stiles Law by calling (781) 319-1900.
Copyright © 2019 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.