Here are some
expenses you can
After you have a Purchase and Sale on your property the Buyer will usually
have a Home Inspection, at their expense. Sometimes there are repairs
or re-negotiations at this point. Just like the offer you can work it
out to the agreement of both parties.
Once we have commitment from the bank I will schedule a
inspection for you. The fire department will go in and check your property
to make sure that it complies with fire code. There is a fee for this. It
is paid at the time of the inspection. It varies by town but I can find
out the current expenses and let you know.
I will also set up an appointment for a
reading if you
have public water. This will happen just before closing and the balance
and transfer fee will be deducted from your proceeds at the closing.
If you are selling an income property you will have to
and pay back any security deposits or last months rents that you are
holding. These can sometimes be deducted from your proceeds but usually the Seller
comes into the closing with a check for the Buyer to cover this. Let me know ahead of time what you prefer
and I can check with the closing Attorney.
All of the following expenses will also be deducted from your proceeds.
You may have closing costs for the buyer if it was negotiated at the time
of the Offer. If not you will have closing costs on your side of the
transaction. You may hire an Attorney to represent you. You
will need to pay their fee. If you do not have your own Attorney you can
pay the bank's Attorney to draw up the deed for you. Their fees
varies so you should call and ask them what the charge will be before you make
your decision. You may also need to pay for a Municipal Lien
Certificate, to find out what your final tax pay-off is and fees to obtain
your final Mortgage pay-off. Some mortgages have
pre-payment penalties, call your bank or mortgage company to see if your mortgage has
If you are selling property in Rhode Island and you are a
of another state at the time of closing you will be charged 6% of your gain
as an additional Rhode Island Tax.
You will also be required to pay Tax stamps at the closing. In
Massachusetts you will pay approximately $4.56 for every $1000.00 dollars of the
sale price. So if your property sold for $100,000 you would pay
$456.00. In Rhode Island the tax stamps are $4.00 per thousand and $2.80
per thousand for mobile homes.
If you have any questions please feel
free to call or e-mail me.