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As an example, let’s compare some of the costs of selling a home in California and Texas. Median home sale price (based on November 2024 Redfin data) $827,100
The most recent data from CoreLogic’s ClosingCorp shows that the national average for closing costs is 1.81 percent of a home’s ... The biggest expense involved in selling a home is often the ...
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Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is conveyed (transferred) to the buyer. Closing costs are incurred by either the buyer or the seller.
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Basis (or cost basis), as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation. When a property is sold, the taxpayer pays/(saves) taxes on a capital gain /(loss) that equals the amount realized on the sale minus the sold property's basis.
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