WHAT TO DO WHEN HOME SELLING
PREPARING FOR THE DAY OF CLOSING WHEN YOU ARE THE SELLER
Prepare and draft the Warranty Deed by which you will be selling your home to the Buyer
Submit the Warranty Deed to the Buyer’s attorney for approval prior to the closing
Prepare necessary Conveyance Tax Returns required by the State of Connecticut and the town
Order payoff statements for any mortgages or liens covering your property
Calculate adjustments for prepaid items, such as real estate taxes and assessments, water and sewer use, and fuel oil
Deduct state and local transfer taxes, payoff amounts of your mortgage(s), as well as your attorney’s fees and Real Estate Agent commissions, from the proceeds you receive at closing.
Attend the closing with you to assure that everything goes as smoothly as possible in the home selling process.
A few days before the Closing, you will receive a detailed itemization of the various adjustments and disbursements that will be made at Closing, so that you will know the exact amount of money to expect at the Closing.
WHAT IS THE CLOSING?
DO I HAVE TO ATTEND THE CLOSING?
WHAT ARE THE TYPICAL EXPENSES?
The largest expense when selling your home is usually a real estate broker’s fee which is usually 5% to 6% of the sales price. Rates cannot exceed 6% for residential closings, and are negotiable at the time a Seller enters into a listing agreement with a real estate agent. The Seller also has to pay a conveyance tax to the State of Connecticut equal to ½% (except when the property is worth more than $800,000.00 or when it is a commercial type of real estate). There is also a town tax of ¼%, although some towns are allowed to collect ½% as well.. Typically attorney’s fees range from $700.00 to $1,000.00. There will also be small recording fees.