Understanding Closing Costs When Selling Your Home in Gwinnett County

by Wyatt Collective Estates

Selling your home in Gwinnett County, Georgia, involves understanding various closing costs that can impact your net proceeds. Here's a breakdown of typical expenses you might encounter:

1. Real Estate Agent Commissions

Sellers have the option for paying both the listing agent's and buyer's agent's commissions. In Georgia, this combined fee usually amounts to about 6% of the home's sale price.

2. Title Service Fees

These fees cover the cost of a title search and the issuance of an owner's title insurance policy, ensuring the property's title is clear of any liens or disputes. In Georgia, title service fees average around $986.

3. Transfer Taxes

Georgia imposes a real estate transfer tax when property ownership changes hands. The rate is approximately 0.1% of the sale price.

4. Recording Fees

These fees are charged by Gwinnett County to officially record the change of property ownership. The average recording fee in Georgia is around $25.

5. Attorney Fees

Georgia law requires an attorney to oversee real estate closings. Attorney fees can vary but typically range up to $196 per hour.

6. Prorated Property Taxes

As a seller, you'll be responsible for property taxes up to the closing date. These taxes are prorated based on the time you've owned the property during the tax year. In Georgia, the average prorated property tax is about 0.91% of the home's assessed value.

7. Additional Costs

Home Inspection Fees: While typically the buyer's responsibility, some sellers opt for a pre-listing inspection to address potential issues beforehand.
Repairs and Concessions: Depending on the inspection results, you might need to cover repair costs or offer concessions to the buyer.

Understanding these costs is crucial for accurate financial planning when selling your home. If you need assistance preparing a detailed closing costs net sheet or have further questions about the selling process in Gwinnett County, feel free to reach out. I'm here to help ensure a smooth and informed transaction.