When buying or selling a house, you will incur costs to close on the sale of the property. It is important that you understand these costs since they can add:
- 3% to 4% to the cost of buying a house;
- 1% to 3% to the cost of selling a house, excluding the commission a seller pays to realtors involved in the sale which typically ranges from 5% to 6% of the sale price.
The actual amount you will owe as a buyer or are owed as a seller will be detailed in your Closing Disclosure form.
For sellers that use the services of realtors, the current scheme of also paying the buyer’s realtor commission at closing will no longer be the norm thanks to a groundbreaking settlement with the National Association of Realtors (NAR).
Continue reading “How the NAR settlement will impact your house closing costs”