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How Much Are Closing Costs For Seller In Pa? (Solved)

Most Pennsylvania municipalities prorate the real estate taxes on a “calendar” year. That means that when the tax bill is sent to the home owner, the tax bill covers the current year from January through December. If the tax bill is $1,200, and closing is on July 1st and the tax bill was paid by the seller, the buyer would reimburse the home seller $600 (for July 1st to December 31st) 👍 Remember, the bill was paid for the entire year 🙈 Now since the home buyer will occupy the home from July 1st forward, the buyer pays the seller back for July 1st to December 31st 😉 If the’s having seller done not pay the tax bill, then the seller will owe the buyer 6 months of real estate taxes. Makes sense. Everyone pays their fair share of the taxes based on when they occupied the property. [1]
I believe all home sellers should get a home inspection before they sell their home. Here’s why. Most home buyers will drive the sales price as low as you will agree to and will then want a home inspection. With most home sales, the buyer’s home inspector will probably find “needed” repairs. When this occurs, the home buyer usually asks for a price reduction or will want repairs made to the house . . . Whether the repairs are necessary or not. Prudent home sellers can head off home inspection problems or further price reductions with a home inspection of their own before offering the home for sale. (modified by Dorie James on April 29, 2021) [2]
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Most properties in Pennsylvania are purchased with a mortgage. If that’s the case, then you’ll have to complete the Closing Disclosure, which contains the costs in detail. But if your transaction is all cash, you need to get the HUD-1—although it’s rare these days. The HUD-1 or Closing Disclosure detail the over-all amounts you’re being charged for, your loan payoffs, if any, and the net process you will take to the bank. Remember, depending upon how much equity you have in the property, you might be asked to bring a check (or send a wire) on the closing date. Ensure there are no typos in your name, address, property address, bank info, and other details. Then review every amount and the totals to ensure there are no mathematical errors or inadvertent costs. You’ll be surprised how many times these documents have errors – this is one of the reasons our founder launched Houzeo. (last emended 69 days ago by Magaly Crowder from Taizhou Zhejiang, China) [3]
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Here’s a calculator that will estimate the net proceeds to Pennsylvania home sellers. Simply enter the sales price into the “What is the selling price?” box and click outside the box to “lock in” the value. From there, simply go down the’s had leaving left column and enter accurate selling costs (if you know them) or just use the suggested closing-costs to get an idea what the home sale will cost you. If the net proceeds are too low, simply enter the ideal “net” into the Net To Seller (B) box below, and all the entries will be revised to achieve the desired seller’s net. You can print either column A or B by ticking the button for column A or B. Click on PRINT SCREEN then click the Print button for a professional estimate for the seller. If you find a mistake, have a complaint, or wish to make a purchase, please contact me through email. Last updated 1/2020. (thank you to Tonette Hitchcock for their recent revision). [4]
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Article References

  1. http://www.anytimeestimate.com/PA_SELLER/pa-home-seller-net.htm
  2. http://www.anytimeestimate.com/PA_SELLER/pa-home-seller.htm
  3. https://www.houzeo.com/blog/closing-costs-in-pennsylvania/
  4. https://www.pafirsttimehomebuyer.net/seller-cost-calculator.html
Kelly-Anne Kidston

Written by Kelly-Anne Kidston

I am a writer of many words, from fiction to poetry to reviews. I am an avid reader and a lover of good books. I am currently writing my first novel and would love to find some beta readers who are interested in getting an early look.

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