Below is a list of the closing costs you can expect when you sell your house (or condo) in Iowa City. For the purpose of this post I’m going with the sales price of $200,000. (Although many of the costs will be the same, regardless of the price of the home). As a rule of thumb, one year’s real estate taxes is a safe estimate. (It could be a little more, or a little less. Johnson County Taxes are calculated one year in arrears so if you figure on one year’s taxes at closing this is a good estimate).
Estimated Closing Costs when you Sell a Home in the Iowa City Area
Real Estate Commission (5 %) $10,000
(Commission rate will vary by brokerage)
Property Taxes $4,000
(Estimate for 1 year real estate taxes, the amount varies by school district)
Abstract Update $300
(Estimate of fee to attorney for updating the abstract)
Transfer Tax $319,20
(Iowa Real Estate Revenue Tax Calculation, from the Johnson County Website)
Deed Preparation $65
(Fee to attorney for the Warranty Deed and other documents required in the transfer of property)
Attorney Closing Fee $200
(Fee to attorney for preparing the closing numbers for the HUD-1 Settlement Statement)
Overnight Mailing Fee or Bank Transfer $20 – $25
(Fee for sending the mortgage pay-off to your bank).
Remember, these are estimates and don’t include any mortgage pay-offs, included are only the costs associated with selling your house in the Iowa City area. Quick disclosure: These numbers are purely informational and need to be verified with a professional before making any major financial decisions. Some brokerages may have some additional fees. Other attorneys may also have additional fees.
Are you thinking of selling your home in Iowa City? I’m a straight talking Realtor who knows the ins and outs of the Iowa City area real estate market and knows how to get your home sold. Call 319-400-0268 today to get started on getting that SOLD sign in your yard!