Michigan home seller’s shutdown cost calculator

Buyer’s Agent Fee: $6,225–$7,470

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 $6,225-7,470 on a Michigan home priced at $249,000.

Detailed closure fee: $6,723

Michigan’s closing costs account for an average of about 2.7% of home sales prices. In a home with a median price of $249,000, you might pay $6,723. Here are some typical types of settlement cost you can expect:

• Family preparation: Enhancing the curb appeal of your home by landscaping or installment will increase your closure fee, but can often help the home sell for more.
• Renovation/Repair: You need to update or repair the property to meet the buyer’s needs or inspection requirements.
• Ownership service fee: These will include the process of title companies verifying legal ownership and helping manage property transfers.
• Owner’s ownership insurance: The one-time insurance premium paid by the seller protects the buyer from ownership or ownership disputes.
• Transfer Tax: Michigan home sellers pay a transfer tax rate of $3.75 per $500 or its score. (See more below.)
• Recording fee: These are fees paid to the local government to record changes in ownership of the property.
• Buyer incentives: You may offer points or offers to buyers, 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 Michigan.)
• Mobile fees: While not technically closing costs, it’s best to include it in your budget, usually ranging from $883 to $7,000.

Michigan’s transfer tax liability is usually the seller’s, and although both parties agree, it may fall on the buyer.

In Michigan, real estate transactions worth more than $100 will be subject to state transfer tax. For every $500 (or part of $500), the tax rate is $3.75.