Seller Closing Costs
Seller Closing Costs and Other Related Items
- Seller attorney fees.
- A newly prepared deed conveying title to the buyer. In the even Seller does not have an attorney, most bank attorneys will draw a deed for a fee.
- The Massachusetts excise stamps charged to the Seller upon transfer of title are $4.56 per $1000.000 of selling price.
- Outstanding mortgages or other liens which are outstanding must be paid off at closing. Often written notice is necessary before lenders will release the pay off figures. The attorney will charge a fee to secure pay off figure, to draw discharge, and record.
- Adjustments to final water bill (if selling a single family), sewer, electric, oil, and gas fees are recognized at closing.
- Brokerage fee is due at closing.
- A Smoke/Carbon Dioxide Detector Certificate must be issued by the fire department in order to close. They must be scheduled well in advance of the closing and are good for 60 days. The fire department charges $50 and this is paid b the seller. Certificates issued for prior sales are unacceptable.
- Certificate as to unpaid common charges (also known as a 6D Certificate and applicable to condominium sales only) are required at closing in the form of a notarized statement from the trustees or board of managers of the condominium certifying that all outstanding condominium fees and assessments have been paid through the month of closing. Costs of this certificate are the responsibility of the seller.
- If the Seller has received the tax bill it should be brought to the closing whether paid or unpaid. If the tax bill is paid, bring to the closing a stamped receipt and inform the conveying attorney prior to the closing that you will be bringing your receipt. This along with the municipal lien certificate (which will be ordered by the buyers attorney) document your lien status.
- If there are to be holdbacks or escrow because of outstanding issues, these issues need to be discusses well before the closing date. Mortgage lenders have become more stringent about holdback agreement are require that they be approved be the lender prior to closing.