If you are selling a home in the state of Arizona it’s important to know what closing costs are involved and what you can expect to pay as a seller. Keep in mind that as a seller, you do not pay for any of these fees up front. They are all deducted from the money you make from the sale of your house which also referred to as seller proceeds.
1️⃣ Realtor Commission
This is usually the biggest expense to a seller. This amount is typically a percentage of the sales price. This amount will be listed on the listing agreement you sign when you first hire your Realtor.
2️⃣ Property Taxes
Property taxes are another item collected at closing. Since they are paid in arrears in Arizona, the amount owed will be prorated up until the closing date & that amount will be added to seller’s closing costs.
3️⃣ Title & Escrow Fees
There are fees the title company charges for handling the sale & in Arizona, the seller is also required to purchase the buyer an owner’s policy. An owner’s policy is insurance to the buyer to protect them in case someone was to claim ownership to the home or land in the future. The fees for these items depend on the sales price of the home but as a general rule of thumb you can plan on it costing somewhere around 1/2% of the sales price just to give you a ballpark figure.
4️⃣ HOA Fees
If the home has an HOA there could also be HOA fees collected at closing. Some of the fees HOA’s charge when a home is sold are negotiable between the buyer & seller but one of the fees called a disclosure fee is required to be paid for by the seller. The most this fee will be is $400.
5️⃣ Miscellaneous Fees
There are a few other miscellaneous fees you will occur when selling your home such as a recording fee or notary fee. These fees are typically a few hundred dollars.
If you have any questions about the home selling process or you’re looking for a Realtor please reach out to me & be sure to save this post for future reference.
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