You’ve probably heard of the cost of closing and the closing cost associated when you buy a house in Reno Nevada, but do you know all that is included? Check out our “FAQ” closing cost to learn more about the cost of closing. What are Closing Costs Exactly in Reno Nevada?
What Are Closing Costs Exactly in Reno Nevada?
Closing costs are all fees payable at the closing table. The fees and costs may vary depending on where you live. Remember the are always going to be closing cost when you sell your home in Reno Nevada and closing cost when you decided to buy a house in Reno Nevada.
Closing costs, however, generally include, but are not limited to:
- Notary fees
- Transfer Costs
- Transfer Taxes
- Appraisal Costs
- Inspection Fees
- Origination Fees
- Recordings Fees
- Title Insurance
- Underwriting Fees
- Bank Fees
- Courier Fees
- Wire Transfer Fees
- Liens against the home will need to be paid to clear the title
- Credit Report Fees
- Administrative Fees
- Attorney Fees, If Applicable
- The balance of your mortgage or loans against the home
- Possibly repairs or pest control if this has previously been agreed upon
Although usually the buyer will pick up a number of theses, it is important to note that the seller typically pays 100% of the commission. This is going to be about 4%-6%+ of the final selling price. Negotiating the other costs is becoming increasingly popular during the sale process. In an effort to attract more buyers, when it comes to closing costs, sellers sometimes pick up the tab more often. You will also have to pay your share of the property tax of the year as a seller, up to the closing day. At this time, any HOA fees or other community costs should also be prorated and paid.
What Are Seller Subsidies?
This is a negotiated amount between buyer and seller. It is the percentage that the seller agrees to pay for the cost of closing. For example, you can offer to close 3k to help ease some of your buyer’s costs. Overall, paying these subsidies is often a low price to be paid to get buyers to the table!
Cost of Repairs?
This is another one that is negotiated between the buyer and the seller. If the home is in need of some obvious repairs, the seller will often take care of these before putting their home on the market. However, if an inspection shows additional repairs are needed, a buyer may make his offer contingent on repairs being made. A buyer and seller can work this out before going to closing. All repairs will need to be done before you sell your house and get ready to sign documents at the closing table. Doing this will make the closing process go more smoothly.