Albuquerque Sellers Closing Costs.
Albuquerque Sellers Closing Costs vary substantially across different market areas and States. Although many closing costs are entirely negotiable local customs and trends often determine the standards. Below is a general outline of typical closing costs paid by the seller on a conventional non-government type loan. These figures apply to a median-priced Albuquerque, New Mexico home of $250,000.00 as an example.
Please note these are only estimates and patterns. Every transaction is different, and negotiations may move closing fees to the buyer or seller. Here at Albuquerque Homes Realty, we will always provide you an estimated net-out when listing your home and again with any offer(s). If there are multiple offers, we will provide an estimate for each proposal to help make an informed decision. Here is an outline of Albuquerque Sellers Closing Costs.
Sales Commission/Fee. The commission can vary depending on the Real Estate Company or even the individual agent. This fee may be a percentage of the sales price or even a flat fee.
Typically a discounted fee equates to stripped-down service and marketing. We recommend our complete marketing strategy for the best impact and results. Our standard commission rate is six percent—three percent for your listing broker and three percent for the buyers’ broker.
Home Inspections. ($325-$450) These will vary depending on the company conducting the inspection, size of the home, and if it is a mechanical only or a comprehensive full home inspection.
Termite/Dry Rot Inspections. ($80-$100) These are technically two different inspections but conducted by the same inspection company. The price noted here would be a combined inspection. Most lending institutions FHA, VA loans require a termite inspection.
Ancillary Inspections. A buyer may request many ancillary inspections, such as Radon, Sewer Scope, Duct Scope, Septic System, Well and Equipment, Lead Paint, Pool or Spa, Independent Roof Inspection, Structural and others. Inspections are often negotiated between the parties.
Home Warranty. ($400-$700) Home warranties come in many options. Pricing depends on the company, length of warranty (normally 1yr), and deductible paid per incident. There are both local and national warranty companies the buyer may consider. As a seller, you, too, can get a home warranty at any time. AHS, Old Republic are two options.
Survey. ($225-$260) These figures noted are a non staked type survey or Improvement Location Report(ILR). Staked type surveys usually are higher.
Title Binder/Commitment. ($100) The initial search of title leading to the issuance of a policy of title insurance. The title search will reveal any tax liens, judgments, mechanical liens, or lis pendens attached to the title.
Escrow Closing Fees. ($425.00 + $1.00 per $1,000 of sales price + Tax) So, on our $250,000.00 example, the total closing fee is $728.15. Closing is the actual act of executing the mortgage and deed documents.
Owners Title Policy. The amount for the title policy is directly related to the sales price. The title policy protects against loss resulting from defects of title to a specific property. ($1423.00 for our $250,000 sales price example)
Special Assessment Search /Pro-Rata. ($100) Determines if there are any liens against the property by a public authority to pay costs of improvements like paving, sewer, infrastructure, etc.
Recording Fees. ($30) Paid to the office of the recorder to make a document public record.
Appraisal. ($525-$600) A written report containing the opinion of value by an appraiser. The appraisal is for the buyer and the buyers’ lender, not for the sellers.
Tax Service Fee. ($80) This fee is for the buyer lender. It is merely an assurance that the property taxes get paid on time. Negotiable
Flood Certification Fee. ($25) The buyers’ lender wants to know if the subject property is within a flood zone. This search certifies the answer.
Pro-Rated Property Taxes. Completely variable depending on your actual tax bill, the close date, and if any taxes are unpaid. New Mexico collects taxes in arrears, so quite often, you will have some catching up to do.
Gross Receipt Taxes. Commission and all services, including closing fees and commissions.
Payoff. Any existing mortgages, including any second mortgages, lines of credit, etc. will also be paid off at closing.
Repairs. You may be making negotiated repairs; you may opt to pay those repairs at the time of service or later at closing. Regardless you will sign an affidavit at the time of settlement stating there are no unpaid trades.
Rember Albuquerque Sellers Closing costs can vary greatly depending on the structure of any one real estate transaction. If your buyer is paying cash, then your Albuquerque Sellers Closing costs may be considerably less. For example, an appraisal isn’t a requirement; however, it could still be requested by the buyer. The tax service fees and flood certification fees are no longer necessary.
If you have an existing ILR survey that may drop off. In a hot seller’s real estate market, we often see the home inspections and warranty requests paid by the buyer. The sales price will impact the commission paid, title policy, and closing fees as well. So, keep this all in mind when trying to determine your Albuquerque Sellers Closing Costs. Here at Albuquerque Homes Realty, we will always provide you with estimates of your specific fees and net proceeds.
Related: View Buyers Closings Costs