Pennsylvania home seller’s shutdown cost calculator

Buyer’s Agent Fee: $7,075 – $8,490

In the past, sellers covered the fees for listed agents and buyer agents. However, after a landmark court settlement by the National Association of Real Estate Brokers, it is now expected that the buyer will make compensation directly with his own agents. If you are willing to pay this to attract buyers, you can expect to pay $7,075-$8,490 in a home with a median $283,000 in Pennsylvania.

Detailed closure fee: $12,169

Pennsylvania’s closure costs averaged about 4.3% of home sales prices, higher than most U.S. states. However, these amounts may vary. In a median home with a price of $283,000, you might pay about $12,169. Here are some typical types of settlement cost you can expect:

• Family preparation: Curbing attraction is important. You need to repair the house, do some landscaping, and even stage the house.
• Renovation/Repair: Unless you sell your home “as is”, you will need to fix any lingering issues in the property and update the home to keep buyer needs or potential inspection issues in sync.
• Ownership service fee: These are the fees required to verify legal ownership and help manage the transfer of property. Typically, buyers pay these fees in Alaska
• Owner’s ownership insurance: The one-time insurance premium paid by the seller protects the buyer from ownership issues or ownership disputes.
• Transfer Tax: Pennsylvania home sellers pay a transfer tax of 1% of the property’s value (including contractual improvements to the property) and are transferred by deeds, instruments, long-term leases or other writing. (See more below.)
• Recording fee: Fees paid to local governments formally record changes in property ownership.
• Buyer incentives: You can provide a credit or offer to buyers to help end sales, such as paying the buyer’s agent fees or offering a rate to buy.
• Other fees: Miscellaneous fees not covered by other categories, such as attorney fees and HOA transfers. (No lawyer is required to sell homes in Pennsylvania.)
• Mobile fees: While not technically closing costs, you should include this fee in your budget, which costs from $883 to $7,000.

In Pennsylvania, buyers and sellers (or grantors and grantees) owe real estate transfer taxes. Therefore, this fee is usually allocated by both parties. For example, a 1% transfer tax on a home sold for $283,000 will result in a transfer tax of $2,830 and the seller will ask for half of the payment.

However, it is not uncommon for sellers to use the transfer tax as an additional concession to buyers.