sell your houseSell Your House in MilwaukeeClosing Costs in Milwaukee for a Home

Closing Costs in Milwaukee for a Home

Many property sellers forget about closing costs when selling a house fast in Milwaukee. Closing costs are expenditures incurred during the last stages of a real estate transaction that are divided between the buyer and the seller. These costs play a pivotal role in determining the final financial outcome of the real estate transaction. This blog post will explore the various closing costs for a home seller in Milwaukee to help you navigate the complexities of the process.

In Milwaukee, closing costs for sellers typically range between 6% to 10% of the selling price. You can skip paying these closing costs when you sell your properties to cash home buyers in Milwaukee.

Breakdown of Closing Costs for Home Sellers in Milwaukee

Real Estate Agent Commissions

The most substantial portion of a seller’s closing costs is often the real estate agent commissions. The standard commission rate in Milwaukee is approximately 6%, which is then shared between the listing agent and the buyer’s agent.

Title Insurance

Title insurance safeguards both the buyer and the lender if there are issues with the property title. The seller is often responsible for purchasing a title insurance policy for the buyer. Title insurance usually costs about 0.5% to 1.0% of the home’s purchase price.

Recording Fees 

The sale of a property requires recording the deed with the local government. Sellers in Milwaukee pay $30 as a recording fee regardless of the number of pages.

Transfer Tax and Deed Preparation

The transfer tax is a fee the city or county imposes for transferring the property from the seller to the buyer. The amount varies but is based on the property’s sale price. In Milwaukee, the deed transfer tax is $3 per $1,000. Additionally, sellers are responsible for preparing the deed, which legally transfers ownership to the buyer. These costs are usually the seller’s responsibility.

Prorated Property Taxes and HOA Dues

Sellers are accountable for property taxes and homeowners association (HOA) dues up to the closing date. These fees are prorated based on when the seller owned the property during the tax or billing period.

Closing Attorney Fees

While Wisconsin doesn’t require a closing attorney, many sellers opt to hire one for legal guidance throughout the process. The attorney reviews and prepares the necessary legal documents, ensuring a smooth and legally compliant real estate transaction. The complexity of the transaction and the attorney’s experience determine attorney fees, so it’s essential to do your homework and get quotes from dependable experts.

Home Repairs and Inspections     

Many buyers request repairs or credits based on inspection findings. You must be prepared to negotiate and consider these costs in your overall budget.

Awareness of these expenses can help sellers avoid surprises and ensure a smoother transaction. If you want to save on closing costs and commissions, sell your home to Metro Milwaukee Home Buyer. We buy houses in Milwaukee for a fair price in less than two weeks. You don’t need to pay closing costs or any other fees.