How much does it cost to sell a house in Wisconsin?
Are you getting ready to sell your house and wondering how much it will cost? Before you put it on the market, you might want to have an idea about the expenses involved.
Commission - One of the largest expenses of selling a home is the real estate brokerage fee. By law, this amount varies and is negotiable, however this typically ranges to be 5-7% of the purchase price. While this can seem like a lot of money, it is often split a number of ways. In Wisconsin and most real estate deals there is an agent representing the seller (called the listing agent) and an agent representing the buyer (typically the buyer's agent). This commission amount is often shared between the two agents and then part of it is split with the agents brokerage firm.
Administrative fees - Depending on the agent and brokerage there can be added administrative fees. This amount varies greatly, but could be $200 to $1,000 depending on the company.
Transer fee - This is required by the State of Wisconsin and as of the date of this blog post amounts to $3 per 1000 of the sale price. From January to October of 2014, the average sale price for Dane county (Madison area) is $249,819. Based on this amount, the transfer tax fee would be $749.
Title insurance - This is included in most real estate transactions so that the property will transfer free and clear into the buyer's name. Often this is charged based on the sale price of the home. Using the average sale price of $249,819 again it could amount to $800 to $1500, depending on the title company that is chosen.
Deed preparation - When you purchase a property in Wisconsin you will get a deed. You should consult your attorney about what type of deed is best for you. This is usually a smaller cost of the sale and should not be more than a...