Frequently Asked Questions about Home Selling
What does it cost to sell a home? Common costs in the selling your new home are: »
-
Real Estate Commission: The commission is not fixed by law and is generally negotiated between the seller and the seller's agent.
-
Closing Expenses and Costs: Costs vary depending on the sales contract and may include items such as transfer taxes, loan payoffs, termite inspection, any judgments and liens, recording fees, tax pro-rations, notary fees and any other negotiated items.
What is 'escrow'? »
Escrow is a process for handling the details of the transaction from the time the purchase agreement is accepted until title is transferred to the Buyer. An escrow is a temporary deposit of assets, such as funds and documents, with a neutral third party that makes sure that the terms of the purchase agreement are carried out. The money is released when the conditions of the contract have been met.
How long is an escrow? »
The length of an escrow is determined by the terms of the purchase agreement and can range from a few days to several months. An escrow often takes an average time of 30 to 45 days.
How are real estate agents compensated? »
A commission amount is negotiated between the Seller and the Seller's agent, and that amount is usually divided among the Seller's agent's Brokerage, the Seller's agent, the Buyer's agent's Brokerage, the Buyer's agent, and any referring agents. Real Estate commissions are traditionally paid at the close of escrow from the Seller's proceeds.