Common Closing Costs for Sellers
In Washington State, this is a graduated tax on the sale of real property.
State portion: 1.10% on any portion of the sales price of $525,000 or less;
1.28% on any portion of the sales price above $525,000, up to $1,525,000;
2.75% on any portion of the sales price above $1,525,000, up to $3,025,000;
3.00% on any portion of the sales price above $3,025,000
Any balances due from a mortgage loan on the subject property, or a home equity line of credit will be paid off at closing.
Real Estate Fees
Sellers usually pay a commission to the listing agent and often they also offer compensation for the Buyer’s agent. These fees are paid when a real estate sale closes.
Sellers pay off the final utility bills. Escrow must collect these as part of closing if they are lienable and Form 22k is included in the transaction.
Any outstanding homeowners association dues must be paid off at closing (because they are lienable).
Septic Pumping & Inspection
In most parts of Washington the Seller is expected to have their septic system pumped and inspected prior to selling their home. The process varies from county to county, but the cost is often upwards of $1,500 once all of the fees are added up, so it’s important for Sellers to budget for this expense.
Title & Escrow Fees
Sellers pay for half of the escrow fee in a typical real estate transaction and also purchase title insurance that shows they have the right to convey the property to the new owners. Sometimes they also pay additional fees on behalf of Buyers who are using a VA loan.
Required when Selling a condo or a home in a Common Interest Community. This fee must be paid in order to order the resale certificate, which is usually prepared by the company managing the Homeowners Association for the community.