Stones River Title Company, LLC Sellers Information on Closing Costs
Listed below is important information for sellers that will help you understand what to expect at a Murfreesboro real estate closing:
Doc Stamps on the Deed
which are paid to the Clerk of Court for the transfer of the real estate.
Owner's Policy (Title Insurance)
A Seller normally purchases a title insurance policy for the benefit of the Purchaser. The amount is based on the purchase price, so please contact our office for a specific quote. A re-issue credit can also be issued if you are able to produce the current owner's policy for the property.
Closing Fee
This is a general transaction management fee. It includes handling all aspects of the closing documents, acting as the escrow agent, and preparing the documents.
Title Search and Examination
This cost is usually paid by the Seller because they must show marketable title to the Purchaser. The search fee varies by county. There may also be a title examination fee. For complicated transactions and commercial transactions this figure will be higher.
Real Estate Commission
If a real estate broker or agent is involved in the transaction, the Seller will normally pay a commission of approximately 6% of the sale price. This cost will be determined in the Purchase Agreement.
Mortgage Payoffs
Payoff statements will be obtained by Stones River Title, the payoffs will be collected on the Settlement Statement at closing, and overnighted to that specific lender. The Seller should be careful to not use their home equity credit line prior to closing and will need to bring in all unused home equity checks and debit cards to closing.
Payment of delinquent taxes
All delinquent taxes will need to be paid to allow recording of the Deed.
Miscellaneous
Any attorney's fees if the Seller obtained an attorney and courier fees will be paid by the Seller for loan payoffs.
Seller Credits
Sellers can also expect to receive credits that will supplement the Purchase Price. The largest credit is the "tax proration" which is a reimbursement to the Seller by the Purchaser for a portion of the property taxes paid by the Seller in the year preceding the closing. Credits may also be given for homeowners association fees.
