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In central Ohio, the commission is often 3% of the sales price to each. A seller, for example, would pay a total of $18,000 ($9,000 to agents on each side) on the sale of a $300,000 home.
If you sell your house for $300K, you will need to add up your closing costs, mortgage payoff amount, Realtor commissions and other fees, then subtract that total from $300K to determine your net ...
You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
Using the same example: If you sold your house for $650,000, but had a cost basis of $500,000, your capital gain would be $150,000. That gain would be below the taxable threshold, married or single.
A real estate broker typically receives a real estate commission for successfully completing a sale. Across the U.S, this commission can generally range between 5-6% of the property's sale price for a full-service broker but this percentage varies by state and even region.
According to Experian, all active debts tied to the home must be paid off when the house changes hands, including HELOCs. Read More: 6 Best Cities To Buy Property in the Next 5 Years, According to ...
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