Bellenot & Boufford, LLC
Real Estate – Seller Closing Costs
What Are The Seller’s Costs For A Residential Real Estate Closing In Connecticut?
This article will highlight some of the most common costs needed to close a real estate sale in Connecticut. No two closings are identical, so there can be other expenses. Consulting with a real estate attorney or local realtor can help identify any other potential costs.
Real Estate Commission – This is usually the largest expense. Commissions are negotiated between the seller and realtor but are usually 5%-7% of the sale price.
State Conveyance Tax: 0.75% of the sales price
Town Transfer Tax: 0.25% of the sales price for most Connecticut towns / cities.
The Town Transfer tax is 0.5% of the sales price for the following municipalities: Bloomfield, Bridgeport, Bristol, East Hartford, Groton, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington, Stamford, Waterbury and Windham
Real Estate Attorney Fees: Usually $750 – $1,250
Recording Fees $120 – $200 or more depending on how many liens need to be released
The seller will have to pay the final water bill.
Some additional fees might be:
- Courier / Overnight fees
- Document Preparation Fees
- Release tracking
There are usually prorated adjustments for things such as taxes and association fees. If the taxes and fees are paid in advance, the seller will receive a credit equal to the per diem (daily) cost multiplied by the number of days between closing and the next due date for the tax or fees. The seller will also receive a credit for the balance of oil or propane left in the tank.