list of expenses are noted:
• Real estate commission, if you use an agency to sell. • Advertising costs, signs, other fees, if you plan to sell by owner. • Attorney, closing agent and other professional fees, if you plan to sell by owner.
• Excise/Gains tax for the sale, if applicable. • Homeowner's Association Fees if applicable.
• Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, and utilities. • Any other fees that are sometimes paid by the seller (appraisals, inspections, buyer’s closing costs, etc.).
Spending Earnest Money Given to You
Do not believe that earnest money given at the time an offer is accepted is yours until the deal has closed and been 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 to using a real estate agent is that we agents are a neutral party who will open an escrow account with one of our reputable title companies who will place the deposit on hold for you until closing day and make sure your contract dictates what happens to the funds if the transaction doesn’t close.
Forgetting to Cancel/Switch Utilities and Insurance
Many sellers overlook notifying utilities that they are moving or applying for utility service at their new home. Call the utilities and your insurance company as soon as a contract is signed. Find out how many days of lead time they need to switch or cancel,
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