While “Closing Costs” are typically associated with purchasing a home, there are significant costs associated with selling a home. Some of these fees are based on a percentage of the sale price others are fixed fees. Below is a list and description of the costs to sell a home in Minnesota.
As your listing agent, I will prepare a Seller’s Estimated Net Proceeds Worksheet detailing the estimated fees below specifically for the sale of your home. This is a very import early step in the home selling process as it provides seller’s with the amount of net proceeds from the sale of your home based upon a range of final sale prices.
Abstract or title search:
The cost to update your abstract and check the title. Costs for this service vary, however $75 to $150 would be typical.
The cost to file the deed and other proper documents with the county satisfying your mortgage and clearing up any other title problems. Typical fees range between $50 to $100.
Real estate taxes and assessments:
You may owe property taxes, or if you’ve already paid them for all or part of the year, your buyer may need to reimburse you.
State deed tax:
In every county in Minnesota you must pay a state deed tax. Typical county deed tax in the Twin Cities metro area is 0.0033% of the home sales price ($3.30 per $1000).
Most metropolitan counties collect a deed transfer fee which is used, in part, to fund the Minnesota Conservation Fund. Typical conservation fee in the Twin Cities metro area is $5.
A closing-title company provides an agent to oversee the entire closing process ensuring that all the documents related to the ownership of a property are in order before real estate transactions are executed. Typical closing fees range from $275 to $325.
Truth-in-Sale of Housing Inspection Fees
Some cities require a home inspection to be completed by a licensed home inspector prior to the home being listed for sale. The typical cost for a City required Home Inspection will be approximately $200.
Real estate Commission and Fees:
Typical real estate commissions range from 6% to 10% depending on the property type and price. I charge just 6% in total commission with no additional broker admin or franchise fees!