So you are preparing to sell your home and you are not sure if you can afford to do so. It is important that you know there is a cost to sell your home, just like there is a cost to market any product you see on a store shelf or any service you receive from a professional. The following are your standard seller expenses:
In CT, realtor fees are negotiable, but the most common fee is 5-6% (This is the seller fee for the services of both brokerages combined; often 2.5% to one and 2.5% to the other brokerage, or 3% to each).
Approximately $1000 – $1500 (Can be lower or higher)
State Conveyance Tax
The state tax is .75% for residential properties under $800,000. If the property sells for more that $800,000, the seller will pay .75% for the first $800,000 and 1.25% on the portion over $800,000.
Non-residential properties pay 1.25% in the state portion, regardless of price.
Municipal Conveyance Tax
Sellers pay .25% to the municipality. Some communities charge an additional .25%, bringing the total municipal real estate conveyance tax to .50%. The higher conveyance tax is present in the following CT areas:
Bloomfield, Bridgeport, Bristol, East Hartford, Groton, Hamden, Hartford, Meriden, Middletown, New Britain, New Haven, New London, Norwalk, Norwich, Southington, Stamford, Waterbury, and Windham.
Call Patricia Rattray with any questions, 203-570-2096