Understanding the closing costs when selling your Kansas home can help you avoid surprises and make informed decisions. Closing costs are the various fees and expenses that both sellers and buyers must pay to finalize the sale of a property. These costs typically include real estate agent commissions, property taxes, and loan payoff amounts. In this short guide, we’ll explain how closing costs work in Kansas and what you can expect to pay when selling your home. Closing costs are fees you pay after a real estate transaction. These costs typically encompass a broad spectrum of expenses, such as property taxes and insurance, which are common for both sellers and buyers. However, certain costs, like transfer taxes, will fluctuate based on your home’s location at the time of sale. Before selling your home, you’ll need to address the loan payoff amount on your mortgage. This is the remaining balance due on your mortgage, which must be fully paid off before you can transfer ownership of your property. The payoff includes the outstanding principal balance and any interest that has accrued over the life of the loan. In some cases, additional fees, such as late payments or prepayment penalties, may also be included in the loan payoff amount. According to WalletHub, Kansas ranks 37th in the country in terms of property taxes, placing it above states like Michigan and Rhode Island. Real estate in Kansas is taxed at a rate of 1.33%, with a median home value of $338,533. To get a better idea of what you might owe, consult a property tax calculator.What are closing costs?
Mortgage/Loan payoff amount
Property taxes
