What Baltimore Home Sellers Should Know About Closing Costs

When selling your home in Baltimore the final sale price might seem like the biggest factor to consider. However, there are additional expenses involved that can detract from your seller proceeds, known as closing costs.

This blog post aims to equip you as a Baltimore homeowner with the knowledge you need regarding closing costs for sellers. We share the most common seller expenses and how you can minimize or even eliminate the total costs you pay when selling your house in Baltimore.

Disclaimer: This blog post and website provides general information on Maryland real estate. Maryland Estates, LLC, doing business as Creo Home Buyers, and its authors are not liable for the accuracy or use of this information; consult with a trusted real estate professional or attorney for guidance regarding your unique selling situation.

Understanding Baltimore Seller Closing Costs

Closing costs are fees paid by both the buyer and seller to finalize the transfer of property ownership. As a home seller in Baltimore, you can expect to pay 8-10% of the final sale price in closing costs.

This translates to roughly $16,000 to $20,000 for the median-priced Baltimore home of $200,000. While this might seem like a significant sum, understanding the specific costs involved can help you decide if you want to sell without closing costs or if they are worth the expense. 

Breakdown of Typical Closing Costs of a Baltimore Home Sale

  • Real Estate Agent Commissions: This is typically the largest expense, often reaching 5-6% of the sale price, a common range for Baltimore real estate commissions. and split between your agent and the buyer’s agent. Negotiating commission rates is possible, and flat-fee or discount brokerages offer alternative fee structures that can lower overall costs and increase your profit.
  • Title and Closing Service Fees: These fees cover the title search, title insurance, and other services related to ensuring a clear and transferable title. They typically amount to around 0.34% of the sale price.
  • Real Estate Transfer Tax: This tax of 0.5% is generally split between the buyer and seller in Maryland, with sellers contributing 0.25% of the selling price.
  • Recording Fees: These fees cover the cost of recording the deed transfer within Baltimore usually amounting to 0.51% of the sale price.

Other Potential Costs of Selling a House in Baltimore

While not always applicable, you should be prepared to pay for these additional sellers expenses.

  • Seller Concessions: To incentivize buyers, sellers may offer concessions to cover the cost of repairs, home warranties, or even paying for a portion of the buyer’s closing costs.
  • Prorated Property Taxes and HOA Fees: You’ll be responsible for any outstanding property taxes and homeowners association (HOA) fees up to the closing date of the buyer’s purchase.
  • Attorney Fees: While optional, some sellers choose to have legal representation during closing for added peace of mind.

Considering Alternatives? Avoid Closing Costs with a Cash Offer:

Selling your home through a traditional route can be a lengthy and complex process, involving negotiations, showings, and the potential for unexpected delays or cancellations. Additionally, the significant closing costs associated with traditional sales can significantly impact the final amount you take home after selling.

At Creo Home Buyers in Maryland, we offer a hassle-free alternative through our cash for homes in Baltimore program. Here’s how you can benefit:

  • Receive a fair and competitive cash offer for your home typically within 24 hours.
  • Close on the sale in as little as 7 days, eliminating the stress of waiting for the right buyer.
  • Avoid seller closing costs, including agent commissions, title fees, and transfer taxes.
  • Focus on your next chapter without the burden of waiting to sell through a traditional Baltimore home sale.

Requesting a Free Cash Home Offer in Baltimore is Easy

Simply answer a few questions about your property on our website or call us at 410-870-9228. We’ll do our best to provide a no-obligation cash offer within 24 hours. This allows you to compare quickly compare our home offer to others you have received so you can make the best informed decision when selling for cash in Baltimore.

Bottomline: Closing Costs When Selling a Baltimore House

Selling a home in Baltimore involves careful financial planning, understanding the associated costs, and considering the term of any loans.

By familiarizing yourself with closing costs and exploring alternative options like Creo Home Buyers’ cash for homes program, you can make informed decisions and navigate the selling process with confidence.

Remember, we’re here to answer any questions you may have and help you explore options that best suit your needs.

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