Closing Costs

ESTIMATED CLOSING COSTS FOR SELLERS

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Below is a brief outline of the most common closing costs that a seller may encounter. This outline is for estimate purposes only and there may be different or additional charges necessary.

Transfer Tax: $4 per $1,000 of sale price

File TP-584: $5.00 (document to accompany deed recording)

Survey: $400-$600+, depending on the property

Water/Septic Testing: $200 (for private water and/or sewer)

Payable in advance of closing.

Septic can’t be tested in winter, seller must put money in escrow for potential repairs.

Abstract/Title Search: $125-$700 (depending if just continuation of existing abstract or preparing new one)

Attorney Fees: Generally, $450-$650; will be different with each attorney.

Bank Related Charges

(Separate from Attorney Fees or Charges)

Discharge of Mortgage: $31.50 (if 2 pages, $34.50)

Mortgage Payoff: The amount of your payoff balance.

Recording of Affidavits: $31-$40 (If necessary)

Capital Gains Affidavit: $5

Other Adjustments at Closing May Include:

Septic System Escrow

Water System Escrow

Sales Tax on Personal Property

Bank Tax Escrow

Tax Adjustments

Nonresidential Real Property Estimated Income Tax-Form IT-2663