When you sell your home, the final sale price isn’t what you’ll pocket. Many sellers are surprised by the various fees deducted from their proceeds at closing. Understanding the typical seller closing costs in North Carolina is key to budgeting correctly and avoiding any unwelcome financial shocks on your big day.
This guide will break down the ordinary expenses for sellers in Raleigh. We’ll explain each fee so you can know what to expect to pay. Having a clear picture of these costs helps you calculate your net profit and prepares you for a smoother transaction from start to finish.
What Fees Do Home Sellers Pay in Raleigh?
When selling a property, both the buyer and seller have their own set of expenses. While some costs can be negotiated, there are standard seller closing costs that you will almost certainly encounter. Here’s a look at the most common ones.
Real Estate Agent Commissions
This is usually the largest closing cost for a seller. Real estate agent commissions typically range from 5% to 6% of the final sale price, according to Bankrate’s guide on closing costs in North Carolina. This fee is split between your agent and the buyer’s agent for their work in marketing and selling the home.
Excise Tax (or Transfer Tax)
North Carolina imposes an excise tax on real estate transfers. According to Bankrate’s guide on closing costs in North Carolina, the rate is $1 for every $500 of the sale price. For example, on a $300,000 home, the excise tax would be $600. This is a mandatory fee paid to the county.
Attorney Fees
North Carolina is an “attorney state,” meaning a licensed attorney must oversee the closing process. As the seller, you’ll pay your attorney to prepare the deed, review documents, and ensure the title is transferred correctly.
Prorated Property Taxes
You are responsible for property taxes up to the closing date. You will need to pay your share for the portion of the year you owned the home. This amount is calculated and credited to the buyer at closing.
Deed Preparation Fee
This is a specific fee charged by your attorney for drafting the new deed that transfers ownership of the property to the buyer. It’s a relatively small but necessary expense in the process.
Mortgage Payoff and Fees
If you still have a mortgage, the remaining balance will be paid off from the sale proceeds. Sometimes, lenders also charge a small administrative fee for processing the payoff and closing the account.
Homeowner’s Association (HOA) Dues
If your property is part of an HOA, you’ll need to pay any outstanding dues. There might also be an HOA transfer fee to provide the necessary documents to the new owner, which answers the question of “how much are closing costs in NC?”
Skip the Closing Costs and Sell for Cash
Navigating seller closing costs in North Carolina can be complicated and expensive. Between agent commissions, taxes, and attorney fees, the final amount you receive can be much lower than you anticipated. Joe Homebuyer Triad Group offers a way to bypass these hassles. We are a leading cash home buying company that simplifies the selling process.
When you sell to us, you get a fair cash offer, and we handle the rest. There are no agent commissions, and we often cover the closing costs. You can sell your house as-is without making any repairs, and you choose the closing date. This allows you to sell your property quickly and keep more of your money.