Page 71 - New Agent Real Estate training book

Closing Cost Estimates for Seller

Contract sales Price $170,000.00
Start with the Contract sales price

Commissions and attorney fees
Realty Commissions 6% $10,200.00
Sales price multiplied by the commission % ($170,000 x .06)
HOA Assessments Prorated (based on monthly fee) $300/month $290.00
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Seller portion of HOA dues for the month of closing, for example: $600 per month closing on the 15
means the seller pays 15 days’ worth. (($600/31 days= $19.35 per day) x 15 days = $290)
County Taxes Prorated (based on 1 year property taxes) $1,400/year $747.94
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Yearly property tax of $1400, if closing on July 15, that’s the 195 day of the year, so the seller pays 195
days of property tax. (($1400 year/365 =$3.83 per day) x 195 days = $747.94)
Attorney Fee $400.00
Usually around $400-600 depending on the attorney
Courrier Fee Buyer Attorney $20.00
Usually standard, fees fluctuate slightly
Admin Fee Seller Attorney $40.00
Usually standard, fees fluctuate slightly
UPS Fee Closing $50.00
Usually standard, fees fluctuate slightly
Recording Fee Deed $20.00
Usually standard, fees fluctuate slightly
Deed Stamps (3.75 per $1,000 of Transacton) $637.50
County charges seller $3.75 for every $1,000 of transaction dollars for example: (($170,000 sales
price/$1000 = 170 stamps) x $3.75 per stamp = $637.50)
Seller credits, concessions, or capital contributions given to buyer $0.00
Any credits/closing cost fees the seller has given the buyer per the terms of the contract
Home warranty $475.00
Price of the home warranty if paid by the seller
Estimated Fees $12,880.44
Total of all the commission and attorney fees, taxes and prorations

Payoff
Mortgage Payoff $99,000
How much of the mortgage the Seller will have to pay off to satisfy it

SC Non-ResidentCapital Gains

Non Resident Capital Gain Tax of 7% $2,240.00
If Seller is not resident of South Carolina, the attorney will hold 7% of the capital gain on the sale of the
property to send to the IRS, (($170,000 current sales price minus original sales price $138,000 = $32,000
gross gain) x .07 = $2,240). The seller should have their accountant provide a more detailed capital gain
figure to avoid the entire amount being held at closing

Total Costs = (Estimated closing fees + mortgage payoff + SC Non-Res Cap gains) $114,120.44

Total Cash Due Seller $55,879.56
$170,000 contract sales price – total costs = amount due to seller at closing