Selling Your House in Las Vegas: The Costs of Selling a Home
Many home sellers get “hung up” on what the commission is on selling their home. Sometimes they don’t understand that there are a myriad of other costs of selling a home involved (besides liens) that are usually equivalent to the commission amounts. Each scenario for a home sale is different and your mileage may vary
Here are the typical costs for selling your Las Vegas Home:
Real Estate Agent Commission: This is not a “set rate” as some people may think and it is negotiable. When you are interviewing Las Vegas real estate agents it is common in our area to ALSO charge a transaction fee or a flat fee amount on top of your negotiated %. This will be set in the listing agreement provided a GLVAR listing agreement is used, it is always best to ask up front.
Real Property Transfer Tax or RPTT: RPTT in Clark County NV is your sales price x .0051
Title & Escrow Fees: Again, this is not a set rate, settlement costs & title insurance fees vary from title company to title company. I really like to useOld Republic Title Company’s fee navigator when I do net sheets.
Reconveyance Fee: This is for paying off your mortgage if you have one and it runs around $300.
Miscellaneous & Pad: For Fed Ex, Notary & Miscellaneous Items – $500
HOA Transfer Fees & Documents: Some areas (with governed by multiple HOAs) can expect these fees to run upwards to $1000. The seller is required to provide these documents per NV state law!
Costs of Repairs: If costs for repairs are written into the executed contract, this amount should be considered for the net also. Typical costs for repairs are $500-1000. Even if no costs are requested, sometimes lenders on financed transactions may ask for repairs on certain items to be done.
Costs Pursuant to Buyer’s Loan Program: There are also some loan programs that will not allow buyers to pay certain costs (such as VA loans) and the seller will have to bear those costs. Expect that to run around 1/2 to 1% of the purchase price.
Buyer’s Closing Costs: The buyer may ask the seller to pay their closing costs for items such as home warranty, appraisal, lender costs, title costs, recurring costs, prorated costs, etc. This fee is typically 3% but can run as high as 6%. This is all negotiable with the buyer contract before it is executed.
If you are thinking about selling your Las Vegas house and would like a no cost, no obligation estimated net sheet please fill out this form:
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