Closing Costs in Nebraska: A Guide for Sellers
When you sell your home in Nebraska, it’s important to know what closing costs might affect your final payout. Closing costs are the various fees, taxes, and other expenses associated with completing a real estate transaction. While buyers typically handle some of these costs, sellers also need to account for certain fees.
In this guide, we’ll outline how closing costs work in Nebraska and provide a breakdown of what you may be expected to cover when selling your property. From realty transfer taxes to attorney fees, this overview will help you plan ahead, so you can maximize your earnings from the sale of your home.
Disclaimer: This article provides estimates of a seller’s closing costs that are meant for educational and research purposes only; our calculations are not a guarantee.
What are closing costs?
Closing costs represent the various fees and expenses that arise when completing a home sale. These costs can encompass a variety of charges, such as property taxes and insurance, that most sellers encounter. However, certain fees, like transfer taxes, can differ based on the location of your home at the time of sale.
Mortgage/Loan payoff amount
Before selling your home, you’ll need to verify that your mortgage is fully paid off. This means covering the loan payoff amount, which is the remaining balance due on your mortgage. It includes any unpaid principal balance, as well as any accrued interest over the life of the loan.
In addition to the balance, the loan payoff amount may also incorporate fees tied to finalizing the mortgage terms, such as prepayment penalties or administrative charges. Clearing this amount is essential to proceed with the sale of your home.
Property taxes
According to WalletHub, Nebraska ranks 43rd in the country in terms of property taxes, placing it above states like Texas.
Real estate in Nebraska is taxed at a rate of 1.54%, with a median home value in the state of $205,600. To get a better idea of what you might owe, consult a property tax calculator.
