Real Costs of Selling Your Home (with a Real Closing Statement)
When it comes to selling your home, there are fees and expenses involved. This post will cover all costs involved in a residential real estate closing in Pittsburgh, PA.
Financed transactions typically result in higher closing costs compared to cash transactions due to cost off additional document preparation to incorporate a mortgage.
Here in Pittsburgh, PA (city of Pittsburgh municipality) closing costs for each side (buyer and seller) average to be 4% of purchase price. This does not account for a transaction that involves Realtors. On average, on market transactions cost the seller 10% for Realtor fees and closing costs combined.
There are essentially 3 categories of expenses involved in a transaction: legal fees, taxes, and transaction fees.
Legal fees: title examination, document prep, settlement fee, title insurance, notary
Taxes: county, city/municipality/township/boro, school, transfer
Transaction fees: sale price, personal property, Realtor/brokerage fees, monetary concessions, seller assist
Here is an example of a HUD Statement from a real 2018 City of Pittsburgh transaction: