Finding a buyer who is willing to pay cash for your real estate property can be a relief. If you’re in a hurry to sell, for example, or you’re ready to move into a new property, you don’t want to spend too much time dealing with the sometimes lengthy process of selling real estate. But before you sign on the dotted line, you need to be aware of the closing costs that apply to you as a seller. Here’s what to keep in mind.

The Costs You’ll Pay on a Cash Sale

1. Agent Fees

Begin with what you might owe your real estate agent. If there was someone involved in helping you list and sell your real estate property, then you will owe that person commission from the profit incurred.

2. Title Fees

Any issues that are discovered with the title for the property must be cleared before the transaction is completed. This means if there are any mortgage or lien payoffs outstanding, those should be paid by the seller at closing. You’ll also need to cover the fees associated with preparing a new deed for the buyer.

3. Association Fees

Is your property part of a homeowner’s association? As a seller, then, one of your main closing cost responsibilities includes those fees. Make sure that they are paid up to current standing, along with any pro-rated fees that apply until the real estate property closing date. In addition, the seller is responsible for the cost of the statues letter obtained by the title company confirming any HOA amounts due.

4. Property Fees

As a seller, it’s also imperative that you’re current on your property taxes. Additionally, pro-rated taxes that are due until the real estate property closing date must also be included. Other property-related costs include any warranties or costs that were agreed upon during the creation of the purchase contract.

5. Transfer Fees

Sellers are also responsible for real property conveyance fees. The cost of which could be up to $4.00 per thousand of the sale price depending on the county where the property is located. 

Whether you are buying or selling real estate, your transaction requires the assistance of a qualified title company. For locals in Southwestern Ohio, that company is All Points Title & Closing. They’ve served the Hamilton, Cincinnati, and Southwestern Ohio communities since 1986, offering buyers and sellers the confidence and information they need to complete the transaction smoothly—including which closing costs are your responsibility. They’re proudly affiliated with the Ohio Land Title Association and the Greater Hamilton Chamber of Commerce, and they take pride in making sure that your title is free of defects before the property transfer is complete. Visit them online to find out more, or call them at (513) 863-7600 to speak with a member of the team today.