Commercial Real Estate Closing Costs | What Does The Seller Pay?
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– Office condo for sale, Charlotte, NC. How much will it cost to sell your Charlotte area office condo or commercial condo? Okay. I decided to get outside here at one of my listings. We have a letter of intent that we’re working on with this right now. So we’ll have a contract on it hopefully a couple of days and we’ll get it sold. My seller was asking okay Jeff, just refresh my memory. What is it gonna cost me to sell this thing? You know, as far as after I get the money what is it gonna cost? So that is what we’re talking about today. How much does it cost? First thing you’re gonna have to pay is the Mecklenburg County Register of Deeds or the excise tax. So this is $2 per thousand of the sales price of the property. That is just a tax that you pay to Mecklenburg County for you selling your property. Okay. And these are in no particular order so. Let’s just go on to the next one. Okay. Real estate broker commission. Now this fee is negotiable but our fee is 6% of the purchase price. And if there’s another broker involved we’ll happily split that with that broker. So the total or my firm NorthGroup Real Estate and JeffTaylorTeam.com is 6% the purchase price. Okay next. Document prep fee. This will be done by the closing attorney. This will be your side of the seller documents at closing the deed prep, that sort of thing. So typically three to $600. And that is what the closing attorney is doing for the seller that we don’t work for the buyer as well but for the seller three to $600, it’s a good price for that. Okay next. Prorated portion of the real estate taxes for the year. So if you’ve owned the property for whatever, 298 days, then the daily real estate tax will be calculated typically by someone in the closing attorney’s office and you will be charged that. So when the tax bill is due, it will be paid. So typically they’ll collect the taxes from the buyer and the seller and go ahead and send that in to the county. Okay. And that you can just all Mecklenburg County or jump online at polaris.com. P-o-l-a-r-i-s, I think polaris.com. But anyway, you can find out there, okay what is your tax assess value? And they may or may not be able to give you your exact tax bill depending on what time of year it is. All right. Next. What do we have? Okay. You need an attorney to represent you and the transaction. Now there’s a closing attorney and a lot of folks won’t use that closing attorney. All right? So that is just one of those things where you’re like, “Okay, well, what’s the deal here Jeff?” You need somebody to look over the letter of intent, make sure it matches up with the offer to purchase. And it sounds simple but what if there’s some sort of addenda? What if there’s some sort of financing clause? We have that one right now. What if there is an appraisal addenda? This stuff isn’t addressed in a typical offer to purchase. So some attorney can’t be a broker. An attorney needs to write that up and then you need to have your attorney review it. Okay. Charge for that, it’s typically three to $700, sorry it’s at the bottom. Three to $700. But I highly recommend you get an attorney to represent your best interest. Okay. Bonus. So if you’ve been watching my videos for any length of time there is always a bonus. So what’s the bonus in this one, Jeff? Okay. Any late or current condo association fees, you know, like maybe you got a little behind on the condo association fees all that needs to be paid at closing. So that will be a cost coming out of your pocket. Can’t just forget about it. Not pay them. Alright. And last one down here Condo Association Transfer Fee. Lot of condo associations will have a transfer fee for the title. They wanna set up the new record or whatever for the the new owner of the property. So there may be a small fee involved, I mean like $100, couple of hundred dollars, something like that. So that is the bonus here. So make sure that you address that and that can be paid by the buyer or the seller. Doesn’t have to be the seller. But just know that you might need to pay that. Okay. Cool. Thank you so much for watching this video. I hope it helped you learn a little bit more about selling your Charlotte Mecklenburg area, office condo or commercial condo. Thanks so much and have an awesome day.
Additional Source: Charlotte Warehouse For Sale Data
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Jeff Taylor, Commercial Real Estate Broker Affiliated w/ NorthGroup Real Estate Inc. 16405 Northcross Drive Suite C Huntersville, NC 28078
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