74. What are Closing Costs Exactly in Connecticut?

Selling my house fast in CT

You’ve likely heard about closing costs, but do you know everything that they include? Because if you need to sell your house fast, We Buy Houses In Connecticut and we can help you with that, without having to list your house, do repair or pay agent, even when you are facing difficult situations, we are the ideal solution for you. Check out our closing cost “FAQ” to learn more about what closing costs are all about.

What Are Closing Costs Exactly in Connecticut?

Closing costs refer to all of the fees that must be paid at the closing table. Depending on where you live, the fees and costs can vary. But generally, closing costs include, but are not limited to:

  • Notary fees
  • Transfer Costs
  • Transfer Taxes
  • Appraisal Costs
  • Inspection Fees
  • Origination Fees
  • Recordings Fees
  • Title Insurance
  • Underwriting Fees
  • Bank Fees
  • Courier Fees
  • Wire Transfer Fees
  • Liens against the home will need to be paid to clear the title
  • Credit Report Fees
  • Administrative Fees
  • Attorney Fees, If Applicable
  • The balance of your mortgage or loans against the home
  • Possibly repairs or pest control if this has previously been agreed upon
  • COMMISSIONS!

Who’s Paying?

While the buyer will usually pick up a number of theses, it is important to note, that the seller typically pays 100% of the commission. This will be about 6%+ of the final sale price. Other than your possible mortgage balance, this is by far the biggest cost when it comes to costs at the closing table. Negotiating the other costs during the sale process is becoming increasingly popular. In an effort to lure in more buyers, sellers are more frequently picking up the tab when it comes to the closing costs.

As a seller, you will also need to pay your share of the year’s property tax, up until the day of closing. Any HOA fees or other community costs should be prorated and paid at this time as well.

What Are The Connecticut Seller’s Subsidies?

This is an amount negotiated between the buyer and seller. It is the percentage the seller agrees to pay towards the closing costs. For example, you can offer to put 3k towards closing to help relieve some of the costs for your buyer. Overall, paying these subsidies are often a small price to pay to bring buyers to the table!

Can You Avoid These Costs?

Yes! By working with a direct buyer who will pick up all costs associated with the closing! A direct buyer will not charge you a commission, as they are not an agent. Many times, direct buyers will offer to pick up all costs, which will save you money and hassle at the closing table.

Are Repairs Included?

This is another one that is negotiated between the buyer and the seller. If the home is in need of some obvious repairs, the seller will often take care of these before putting their home on the market. However, if an inspection shows additional repairs are needed, a buyer may make his offer contingent on repairs being made. A buyer and seller can work this out before going to closing.

Connecticut Home Buyers

We buy houses in Connecticut fast without including agents or realtors. This means that when we buy your house in CT there is virtually no cost to you. No repair cost, no holding costs, no closing costs, and no agent fees. We offer cash for houses in Connecticut and we can close on your schedule. Give us a shot and see how much we can offer for your house.

If you would like to learn more about the selling process or if you have any questions about selling your Connecticut home, send us an email using this form, or give our office a call now! (203) 529-4712

 

Get Your Free Offer TODAY!

We buy houses in any condition. Find out how much we offer for your house in cash! No realtors, no commision, no repairs, get a solid offer today!

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