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.
Recording fees:
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).
Conservation fee:
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.
Closing fee:
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!
