Selling Info

Anticipated costs of selling include the mortgage pay-off
amount, any early pay-off penalty, the real estate broker's
fee, other loans against the property (perhaps for a pool or
room addition), the price of inspections, taxes, and other
seller's costs. Your net profit can be estimated by subtracting
these costs from the sales price. But, remember, this is only
an estimate. Any change in the numbers or closing date will
alter the final figure.

Tax Facts

If your lender charges a penalty for paying off your mortgage
before its due date, the amount charged is usually deductible.

Homeowners may also qualify for an immediate deduction of
many of these costs if the move is prompted by a job transfer
to another city, and the costs are not reimbursed by the
employer.

For further tax information, consult a tax accountant
specializing in real estate matters in advance.

Your Closing Costs

Closing costs will vary from area to area. Your sales associate
can provide categories and the approximate amounts of
settlement costs you will be expected to pay. These may
include various fees and miscellaneous closing costs
negotiated by the buyer to be paid by the seller.

Pest/Termite Inspections

In many states pest inspections and termite reports are
required before a house can be sold. Even if these inspections
are not state mandated, most lenders will require them. If
termites are discovered they must be eradicated, and the
proof documented. Inspection prices vary. Shop around for a
good price, but use a reliable company. Check with your sales
associate about laws in your state.