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10445 N. Oracle, Suite 121 Tucson, AZ 85737 Office: 520-918-5968 Toll-Free: 888-825-8251 ext. 5968 Fax: 520-825-8950 email: Brenda@BrendaOBrien.com |
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Tucson Home Closing CostsThe collection of fees associated with the buying or selling of a Tucson Home are called closing costs. Some of these costs are typically assigned to either the buyer or the seller; the other costs are usually negotiable. Seller closing costs: If the seller still has a loan balance on the home, the seller's most important closing cost is satisfying the remaining balance of their loan. Before the date of closing, the escrow officer will contact the seller's lender to verify the amount needed to pay off the loan. At the closing the original loan will be paid off along with any other fees, before the seller receives any proceeds from the sale. Other typical Tucson Home Selling Costs include: Brokers Comission, Title Insurance, Property Taxes, Transfer Taxes or Fees and Homeowners Association Fees. At the closing, certain costs are often prorated (or divided) between buyer and seller. The most common proration's are for Property Taxes and Homeowner Association fees. This is because property taxes are typically paid at the end of the year and HOA fees are often paid in advance. For example, if the home is sold in June, the sellers will have lived in the home for the first half the year, but the bill for the taxes won't come due until the following year! To make this situation more equitable, the taxes are prorated. In this example, the sellers will credit the buyers for half the taxes at closing. Similar situations apply to the HOA fees.
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