What Fees Will You Pay At Your Closing?
Total Cost to sell
Most Texans home sellers should expect to pay closing costs of between 7.5–9%, including realtor's fees.
The median price is $330,500, based on November 2022 Data. $24,787-$29,745
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Home warranty
A home warranty is generally paid for by the seller.
Home warranties generally cover systems such as heating, air conditioning, and plumbing, and appliances like dishwashers, ovens, clothes washers/dryers, refrigerators, and more. Homeowners' insurance does not typically cover mechanical failures, so a home warranty can help bridge the gap.
They don't cover everything that could go wrong, remember homeowner insurance is going to be important. See our Article on the True Cost of homeownership
Yearly HOA Fees
HOA fees are normally paid at the beginning of the year.
The term homeowners association (HOA) fee refers to an amount of money that must be paid by certain types of residential property owners every month to their homeowner's associations (HOAs). These fees are collected to assist the association with maintaining and improving properties.
HOA Resale Cert fee
The maximum amount that a residential subdivision or town home association may charge for a resale certificate is now $375.00.
The maximum amount that they may charge for an updated resale certificate is $75.00.
Year Property Tax Rate
Property taxes are collected on a county level, and each county in Texas has its own method of assessing and collecting taxes. As a result, it's not possible to provide a single property tax rate that applies uniformly to all properties in Texas.
The total tax rate imposed by each taxing unit in this state, as reported to the comptroller by each appraisal district.
Texas Owner Title Insurance Fees
Texas Title Insurance Basic Premium Rates - Effective September 1, 2019.
Title is the right to own and use the property. Title fees are a group of fees associated with closing costs. These fees pay a title company to review, adjust and insure the title of the property. The title company will perform a title search to find any potential issues with the title, such as encumbrances or liens. The company can then make any changes and ensure that its findings are correct.
Other Title company Fees you can expect to pay
Title Settlement Fee
The title settlement fee, or closing fee, is a charge from the title company to cover the administrative costs of closing. Title companies may or may not list out the individual costs of the fee. Fee range varies but expect around $475-$600
Title Search Fee
A title search is a process to examine public records regarding the property and determine the property’s owner. Title searchs also reveals any claims or liens on the property and could uncover any claims the current owner is unaware of.
A title search fee ranges from $75 – $200
Lender’s Title Insurance
Usually purchased in a bundle with the owner’s title insurance. This cost is a one-time fee usually between 0.5% – 1.0% of the sale price. For example, a $300,000 home could have a $2,250 title insurance fee.
What about Title Insurance? What You Should Know Read the Blog post.
Abstract And Recording Fees
What is an abstract and recording fee? The abstract is a concise summary of that search and official documents related to the immovable property. Fee Estimate $150 – $400
Attorney Fees
For real estate transactions, it is common to have one settlement attorney. Attorney fees may be paid by the buyer in some areas, while they may be paid by the seller in others. Fee Range $200 – $400
Repair allowance
Any amount paid by the seller for the repair of the home. This is you paid to the buyer, a cost of the seller in lieu of the fixing something that was find wrong during the inspection. Range $0-$2500
Buyer's Fees (Normally)