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How Much Are Closing Costs for the Seller?

These are standard charges that typically appear on a Seller's Settlement Statement:

Mortgage Payoff - any mortgage loan balances must be paid at closing. Equity loans must also be paid, and any lines of credit tied to home must be closed.

Broker's Commission - our rate is 6% to 7%, depending on sale price. 45% of this is paid to the Selling Agent.

Year to Date Real Estate Taxes - taxes are paid in arrears. Seller pays for January 1st through the day of closing.

Title Company Fee - US Title Charges a flat fee of $295, and includes notary and all recordings fees.

Miscellaneous - Sewer Bill Proration, Subdivision Dues Proration. I use $110 as an estimated amount.


These are possible charges you may have to pay depending upon the terms agreed to in the sale contract with your buyer:

Buyer's Closing Costs - Some offers are written with no closing costs for the seller to pay. This occurs more often on higher priced homes where the buyer is putting down in excess of 20%. A closing cost credit from the seller cannot exceed 3% on Conventional Loans and 6% on FHA Loans. First time buyers typically will ask for seller assistance on closing costs. Many of these buyers would not be able to purchase without a closing cost credit from the seller. The average I see is about 3% of sale price for homes up to $150,000. Click here to see how much closing costs my previous sellers have paid.

Home Warranty - for one year coverage after closing. CBGundaker uses American Home Shield, with the lowest cost plan at $445.

Unpaid Repair Bills - many contractors will do repairs you have agreed to make for your buyer and wait to be paid out of closing. Some contractors may want up to 50% to start the job and the balance can be paid at closing.

Click the links below to see some sample Seller Proceeds Estimates I have prepared. Below each estimate, I have included what the buyer's closing cost would be for the same sale price and terms.

$100,000 Sale Price                                $200,000 Sale Price
Steve Studnicki
Steve Studnicki
Broker Salesperson
2402 N Highway 67 Florissant MO 63033