Tax Stamps – Most sellers are unaware of this tax for selling a home in Massachusetts. Also known as the documentary stamps. The tax equals $4.56 per thousand dollars of the sales price of the home.
For example, if you sell your home for $400,000, you owe the State of Massachusetts $1,824 ($4.56 x 400). The money paid for the tax stamps is income given to the Commonwealth of Massachusetts Department of Revenue.
Attorney Fees – Legal representation can vary quite a bit. However, hiring an attorney to represent you in the sale of your home is important. They do everything from the review of legal contracts such as the offer, to creating the purchase and sale agreement (P&S) to attending the closing either with you or as power of attorney.
Title V Septic Systems – If you do not have town sewer the typical cost varies depending on how easy it is for the Title V inspector to get to the tank and distribution box. You can expect to pay around $800. This cost generally includes the pumping of the tank and is good for a period of 2 years.
Smoke Detector and Carbon Monoxide detector certification – You must have your smoke and carbon monoxide detectors inspected prior to closing. The inspections are done by the local fire department in the town you are located in. The charge for inspecting the smoke and carbon monoxide detectors is generally around $25-$75. You should be aware that there have been new regulations put in place surrounding Massachusetts law.
Preparing a New Deed – It is the sellers responsibility to have a new deed prepared that gets recorded at the registry. The preparation of a new deed is usually $350 and done by the attorney representing you. The Buyer will pay the cost of recording the deet at the registry.
Realtor Commissions – This is a specified percentage of the final sale price determined by the Broker and Seller on the listing agreement. Brokers are not compensated until the home sells under the terms and conditions acceptable to you.