In Louisiana, the seller is typically responsible for the following:
- Real estate commission, normally 6% of the sale price
- Payoff of any outstanding mortgages or home equity lines of credit. Your mortgage or loan payoff can be a little higher than the remaining balance on your loan, because of the prorated interest. In certain situations, you may have a prepayment penalty for paying off the loan before the end of the term. If you have a home equity line of credit, this must also be paid at time of settlement.
- Pay or clear any liens, judgements and unpaid homeowner’s association dues against the property.
- Seller is responsible for pro-rated taxes, condo dues and/or homeowner’s association dues, if applicable. In some parishes or counties, you pay a transfer tax or recording fee. These taxes are imposed by your local or state government to transfer the title.
- We will communicate to the seller any title issues that we may find in the title search that require curative services.
- Any other issues that require services to your house before closing can be negotiated within the purchase agreement, like termite inspection or repairing certain items.
- Any title fees that may be applicable
This is not an all inclusive list, but gives you a good idea of what is typically required from the seller.
For more information on selling your home, please see our Educational Videos.