If you’re thinking about selling your Michigan home, one of your main concerns is likely, “How much is this going to cost?” Well I’m here to answer your questions! When you ready to list, I can provide you with a “net sheet” that will show you a rough estimate of your costs, and net amount you’ll receive. In the meantime, here is a general breakdown.
As a seller, you pay the cost to transfer the property to another person, which includes:
Owners Title Policy
The cost of this is based on the purchase price of your house. For a $100,000 house the title policy is roughly $700. In increases about $300 per $100,000 of sales price.
The owners title policy ensures title is clean, clear, and ready to be transferred free of liens.
Michigan Transfer Tax
Sellers in Michigan must pay transfer tax which is $8.60 per $1000 of sales price.
The deed preparation fee is around $20
Standard commission in Michigan is 6% of the sales price. There are some scenarios that can lower this amount. We discuss this at your listing appointment.
Other Misc. Costs
Occasionally there will be costs agreed to in the buyers offer such as a home warranty, repair concessions, etc. These will also be discussed when you receive the offer.
If you have questions about the selling process, or are ready to get started, contact me and I’ll walk you through everything. To learn more about me and my marketing plan check out the Michigan Seller Resource page here on my site. Just want to know the current market conditions in your area? Sign up for my free Market Snapshot HERE that will deliver a market analysis to you email inbox.