What are the Closing Costs for a Seller?
Closing costs can vary with the sale of every house.
When you hire a professional Realtor, as a seller in Utah, you are responsible for the full commissions. The industry standard in Utah is 6% of the sales price which is split 50/50 between your listing agent and the buyers agent.
Additionally, in Utah the seller pays for title insurance to ensure the buyer takes clean title to the home they are purchasing. The title company also pro-rates the yearly taxes for the seller at closing. The seller is only responsible for the portion of taxes from January 1 of that year to the actual closing date.
Finally, other costs that you can negotiate into your deal include a home warranty and seller paid closing costs. The home warranty fee varies by company but you can expect a range of $300-$500. Seller paid closing costs also vary greatly but industry standard is 3% of the buyers closing costs. If the buyer is using a VA loan, in Utah, as a seller you will need to pay for a pest inspection. Inspections costs less than $100 however, if termites are present, refer to your contract and realtor to help negotiate remediation.
Remember every deal is unique. It is very important to communicate with your Realtor to make sure you understand what you will be paying as a seller. Once the contract is fully executed, your Realtor should be able to you give estimated net proceeds. Of course these numbers are subject to change but will give you a very good idea of what to expect at closing.
C4 Elite Real Estate Team
If you have any further questions about costs as a seller of Real Estate in Utah, please contact us anytime, We would be happy to help you navigate the process start to finish.