• Advertising costs, signs, other fees, if you plan to sell by owner; • Attorney, closing agent and other professional service charges; • Excise/Gains tax for the sale, if applicable; • Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, and utilities; • Any other fees sometimes paid by the seller (appraisals, inspections, buyer’s closing costs, etc.).
Spending Earnest Money Given to You
Don’t assume that the earnest money paid when an offer is accepted is yours until the sale is fully closed and recorded. There are too many stories about sellers who spent the deposit money prior to closing. When the transactions did not occur, for reasons such as financing contingency or failure of inspection or repair issues, the buyers had to fight or sue for a refund. Another advantage of working with a real estate agent is that they act as a neutral third party, holding the deposit securely until closing and ensuring the contract clearly outlines what happens to the funds if the sale doesn’t go through.
Forgetting to Cancel/Switch Utilities and Insurance
Call the utilities and your insurance company as soon as a contract is signed. Many sellers overlook notifying utilities that they are moving or applying for utility service at their new home. Find out how many days’ notice they require to switch or cancel, then follow up once you confirm the closing date.
Letting Emotions Take Over
Keep calm throughout the selling process, especially during and 59
Powered by FlippingBook