As a Realtor representing many home owners selling their homes, it has come to my attention numerous times that many people are unaware of the tax on selling a home in Massachusetts. This tax is levied on the sale of any home sold in the commonwealth of Massachusetts. Presently the tax rate is $4.56 dollars per thousand.
In other words if you sell a home for $500,000 your tax would be $4.56 x 500 for a total cost of $2280. When you have certain expectations for what your check will be coming from a closing, a short fall of $2280 would not be a pleasant experience.
This is one of the largest expenses a home owner would have when selling their property in Metrowest Massachusetts aside from paying a Real Estate commission.
Some of the other expenses in selling a home in Massachusetts would be a Title V Septic inspection if you do not have town sewer. The typical cost for a
Title V inspection runs between $600 - $900 depending on how easy it is for the title V inspector to get to the tank and distribution box. This cost would also include the pumping fee. Most of the time the system gets pumped at the time of the Title V inspection.
Other costs include hiring an attorney to represent you in negotiations on a purchase and sale agreement or attending the closing. Legal representation can vary quite a bit. As a general rule of thumb the costs for legal representation in a Real Estate sale can vary anywhere from $300-$1500 depending on the scope of work.
Having a lawyer represent you is never a bad idea. Realtors are NOT allowed to council buyers and sellers in legal matters.
Some of the smaller miscellaneous expenses include a smoke/carbon monoxide inspection which usually run around $25, and recording the new deed at the registry which is typically around $125-$150.
See also Massachusetts home selling costs .
Considering selling your Massachusetts home? See preparing your Massachusetts home for the Spring selling season and Top ten mistakes to avoid when selling your Massachusetts home .
The above information regarding Massachusetts tax stamps was provided by Bill Gassett, the team leader for the #4 RE/MAX Team in Massachusetts in 2007.
Bill can be reached via email at firstname.lastname@example.org or by phone at 508-435-5356. Bill has helped people move in and out of Hopkinton MA and other Metrowest towns for the last 22+ Years. Bill's office is conveniently located in the center of Hopkinton MA at 77 Main Street.
I have a passion for Real Estate and love to share my marketing expertise! I would welcome the opportunity to earn your business.
For Metrowest Massachusetts and Hopkinton Real Estate and homes see Hopkinton Real Estate . Want to have MLS access to beat other buyers to your dream home? Sign up with no obligation at my MLS Property Finder Site .
I cover Real Estate sales in the following towns in Metrowest MA: Hopkinton, Milford, Upton, Southboro, Westboro, Ashland, Holliston, Mendon, Hopedale, Medway, Grafton, Northbridge, Uxbridge, Douglas, and Framingham MA.
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Bill Gassett is a thirty-two year veteran to the real estate industry. He enjoys providing helpful information to buyers, sellers and fellow real estate agents to make sound decisions. His work has been featured on RIS Media, National Association of Realtors, Inman News, Placester, RESAAS, Credit Sesame and others.