However, every sale is unique, and it\u2019s difficult to project an accurate estimate without considering your specific home sale circumstances.<\/p>\n
To help you estimate your closing costs, HomeLight consulted a top real estate agent in the area to create this comprehensive guide on estimated closing costs for sellers in Maryland.<\/p>\n\n\n\n\n\n
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\n <\/div>\n \n Sell Your House Fast in Maryland With an All-Cash Offer<\/h3>\n
Get an all-cash, no-obligation offer on your Maryland home through HomeLight’s Simple Sale platform whenever you’re ready. Receive your offer in 24 hours and close in as few as 7 days. No showings, no repairs, no open houses.<\/p>\n \n
Maryland sellers almost always pay these closing costs<\/h2>\n
While some closing costs are negotiable, sellers are customarily on the hook for the following:<\/p>\n
1. Mortgage payoff<\/h2>\n
Maryland has a homeownership rate of 71.6%<\/a>, and the average mortgage balance carried by homeowners is $283,092<\/a>. This means that the majority of Maryland sellers must pay off their existing mortgage before they can transfer the property title to the new buyer.<\/p>\n In most cases, homeowners use the proceeds of their sale to cover their outstanding loan amount and other closing costs.<\/p>\n In Maryland, county governments issue property tax bills in July or August each year. Lisa Sabelhaus<\/a>, a top real estate agent in Clarksburg, Maryland, with over 1,771 home sales under her belt, shares that payments on property taxes are due semiannually, with one payment due at the end of the year and the other at the end of July of the following year.<\/p>\n Maryland has an effective property tax rate of 0.91%<\/a> of your home\u2019s value per year. However, the specific amount depends on your local government. Check here to find out the 2024 tax rates for your local government.<\/a><\/p>\n When you sell your home, you\u2019ll settle upon any outstanding property taxes<\/a> prorated to the day of sale. Sabelhaus assures us that if sellers have already paid their property taxes, they\u2019ll receive a refund for the days that they did not live in the property when they file their state tax return.<\/p>\n There are several fees involved in legally changing ownership of a home. In Maryland, sellers pay a title company to facilitate this process.<\/p>\n \u201cMaryland is a title company state. There are a lot of closing costs that title companies will wrap into a one-time fee for sellers to pay,\u201d Sabelhaus shares. \u201cI like to give a high estimate to my sellers of around $900 to engage the services of a title company.\u201d<\/p>\n In addition to settling up on your regular property taxes, you\u2019ll need to pay a one-time tax to both the state of Maryland and to your local government to finalize your home sale. Sabelhaus tells us that sellers and buyers customarily split the transfer taxes, but when market trends favor sellers, many buyers offer to pay transfer taxes<\/a> outright to sweeten the deal.<\/p>\n Maryland\u2019s transfer tax costs 0.5%<\/a> of your home\u2019s sale price. However, if the buyer is a first-time home buyer, the state lowers the fee to 0.25%<\/a>. Transfer taxes for counties and municipalities vary. For instance, Baltimore City charges 1.5%<\/a> of purchase price, while Montgomery County charges only 1%<\/a>. For a full rundown of local Maryland transfer taxes, check out this spreadsheet<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" These are the most common closing costs that Maryland homeowners are expected to pay when selling their home.<\/p>\n","protected":false},"author":220,"featured_media":49742,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[322,341],"tags":[1355],"class_list":["post-27857","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-logistics","category-closing","tag-selling-a-house-in-maryland"],"acf":[],"yoast_head":"\n2. Property taxes<\/h2>\n
3. Title company fees<\/h2>\n
4. Transfer tax<\/h2>\n