Philadelphia Home Seller Closing Costs

When selling a house in Philadelphia, you will incur expenses that will chip away at your bottom line.  Those expenses come in the form of closing costs.  It is typical for the seller to pay roughly 3% - 7% of the purchase price for closing costs.  In most cases, the seller closing costs will come out of the proceeds from the sale.  If you do not earn enough from the sale to cover your closing costs, then you may have to come out of pocket to pay them.  This is a rarity.  The biggest expense that a seller incurs comes from the commissions paid out to a listing agent and a buyer agent.  The listing agent and buyer agent split either 5% or 6% of the sale price.   Another expense you can expect to incur is the transfer tax on the property.  Transfer tax in Philadelphia is 4.28% of the purchase price and the cost is split between buyer and seller each paying 2.14%.  Fun fact:  Philadelphia has some of the highest transfer tax in the USA.