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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.

Vinny Fracassi - South Philly Real Estate Agent.png

Vinny Fracassi

South Philadelphia Real Estate Agent

Aside from agent commissions and transfer tax, seller closing costs include but are not limited to: fees for buyer’s title insurance policy, outstanding amounts owed on the property, escrow fees, recording fees, deed transfer tax

Philadelphia Home Seller Closing Cost Estimate: 

  • Purchase Price:  $300,000

  • Loan Balance: $200,000

  • Closing Date: 1/31/23

  • Annual Taxes: $2,500
     

Title Charges & Escrow / Settlement Charges

Document Preparation: $160

Outgoing Wire Transfer Fee: $29

 

Government Recording and Transfer Charges

Transfer Tax: $5,497.23

State Deed Tax: $800

 

Commissions (5% split between Buyer Agent & Seller Agent)

Buyer Agent Commission: $7,500

Seller Agent Commission: $7,500

Brokerage Fee: $495

 

Miscellaneous

City of Philadelphia Certification: $120

 

TOTAL CLOSING COSTS: $22,101.23 (~7% of the $300,000 purchase price) 

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