For what closing costs am I responsible?

  • We recommend you hire an attorney to handle the closing for you. The attorney prepares the deed to transfer the property as well as the tax documents for the state. The attorney’s fees will be commensurate with the effort required and complexity of the sale.
  • You will be responsible for the commission to be paid to the listing agency
  • In Vermont, if you are an out of state resident, 2.5% of the purchase price is withheld at closing to cover Vermont capital gains resulting from the sale. If you can prove that you will not be realizing a gain from the sale of the property, or the tax on the gain will be less than 2.5% of the sale price, you can file a waiver with the state.
  • If you have owned the property for less than six years, you may be responsible for a Land Gains Tax which is based upon the amount of the gain realized on the land portion of the sale, as well as how long you have owned the property.
  • There may be some recording fees associated with the sale such as Powers of Attorney, etc.

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