Closing Costs in Wisconsin: A Guide for Sellers
Are you curious how much it will cost to sell your home in Wisconsin? You’ll need to factor closing costs into your potential profit. Closing costs are the various fees and expenses that you, as a seller, need to account for when finalizing your home sale.
These can range from the loan payoff amount to real estate agent commissions. In Wisconsin, these costs are typically paid out of your sale proceeds, and they can affect how much you take home after selling your property. In this guide, we’ll walk you through the specific closing costs you’ll likely face in Wisconsin and what you can expect to pay.
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?
When selling your home, closing costs refer to the fees and expenses paid to complete the sale. These costs cover a range of services, such as property taxes and insurance, and are generally standard for most transactions. However, certain fees, like transfer taxes, can differ depending on the specific regulations of your home area.
Mortgage/Loan payoff amount
Before selling your home, you’ll need to settle your existing mortgage, which is done by paying the loan payoff amount. This amount includes the remaining principal balance on your mortgage and any interest that has accumulated since your last payment. Depending on your mortgage’s terms, additional fees could also be involved.
The loan payoff amount must be fully satisfied before you can finalize the sale of your home.
Property taxes
According to WalletHub, Wisconsin ranks 44th in the country in terms of property taxes, placing it above states like Texas and New York.
Real estate in Wisconsin is taxed at a rate of 1.51% , with a median home value in the state of $327,500. To get a better idea of what you might owe, consult a property tax calculator.
