Hidden Closing Costs for Sellers
Wondering What You'll Pay When You Close?
Selling a home near Albuquerque or Santa Fe? If so, you should expect to receive a closing statement before officially handing over your keys to the new owners. This document details the various costs that come with closing on a property—but some of them might look a little out of place.
Here are a few fees you'll see on your closing statement that aren't really closing costs. And if you ever have any questions, feel free to reach out to us at any time!
What You'll See on a Closing Statement
Real estate taxes
Here in New Mexico, taxes are paid in arrears—this means you'll owe taxes on your property until your closing date. You could see a charge for certain real estate-related taxes tacked onto your closing statement if you haven't made all of your payments quite yet.
It's not uncommon to have some of your final utility expenses—like your water or electric bill—included on your closing statement. When the title company performs a search for any liens on your property, they'll make note of any unpaid bills that you'll need to settle before the closing. They may also request to read your home's meter to check for other outstanding balances.
Need Help Understanding Your Closing Statement?
Closing statements can seem long or overwhelming, especially for first-time sellers. Before making any payments, sit down with your agent for a line-by-line review of every debit and credit. Some charges could actually be negotiable, so be sure to ask plenty of questions!
Let's Get Your Home Sold!
Selling a home in Albuquerque or Santa Fe requires the expertise of a seasoned real estate team. If you're looking for a pair of agents who can get the job done right, contact the Feils today! We have decades of combined experience, and we'd be happy to help you through every step of the selling process.
Need to buy a new home after you sell? We'd be happy to help you find the home of your dreams, too!