You may hate paying them, but closing costs on the sale of a home are unavoidable for both buyers and sellers.
The list of closing cost fees is endless. They can add up to a good amount of money and deprive sellers of their hard-earned home equity when they sell their home.
High closing costs and fees can also cut into the profit the seller was expecting to pocket from the sale of their home.
Buyers can usually plan on paying anywhere from 2 to 7 percent of their loan amount in closing costs, or $2,000 to $7,000 on the purchase of a $100,000 home.
Sellers closing costs often go beyond that since they start with a 5 to 7 percent brokerage commission. Most sellers use a full-service agent to sell their home, which can add an additional 4 to 7 percent to the closing cost total.
The list of usual fees and costs can include up to twenty items no matter what side of the sale you're on, including title insurance, property transfer taxes and paid utility bills.
