Know your numbers before you list
Quick answer: When you sell a house in Wisconsin, common costs include real estate commission (negotiable), the state transfer fee of $3 per $1,000 of the sale price, the buyer's owner's title insurance policy (customarily paid by the seller), your share of property taxes, utility payoffs, and your mortgage payoff. An estimated net sheet from your agent shows what you'll actually walk away with.
"What will I actually take home?" is the first thing most sellers want to know and we cover this at our first meeting. Here's a simple breakdown of Wisconsin seller costs.
1. Real estate commission
Commission is negotiable and is agreed on in your listing contract. Compensation for the buyer's agent can also be part of the negotiation with buyers. I'll walk you through your options and what to plan for so there are no surprises.
2. Wisconsin real estate transfer fee
Wisconsin charges a transfer fee of $3 for every $1,000 of the sale price, and it's customarily paid by the seller. On a $350,000 sale, that's $1,050.
3. Owner's title insurance
In Wisconsin, it's customary for the seller to pay for the buyer's owner's title insurance policy. It protects the buyer from ownership problems from the past. The cost depends on the sale price.
4. Prorated property taxes
Wisconsin property taxes are billed in December and paid the following year. At closing, you typically credit the buyer for the part of the year you owned the home. Your title company calculates the exact amount.
5. Your mortgage payoff
Any remaining loan balance, plus interest through the closing date, is paid off at closing from your sale proceeds. Your lender provides a payoff statement a within at least a few days prior to closing.
6. Smaller fees
Title and closing service fees
Deed preparation and recording-related fees
Utility payoffs
Any special assessments or late fees owed to your municipality
HOA or condo fees and transfer fees, if you have them
7. Negotiated items
Sometimes a buyer asks for help with closing costs, or for a credit after the inspection. These are always your choice to accept, counter or decline. This would be within the offer and we go over these together.
Don't forget moving costs
Movers, a storage unit, and any overlap if you're buying another home. If you're doing both at once, see how to buy and sell a home at the same time.
Get your personal net sheet
Every home is different. Before you list, I'll give you an estimated net sheet that shows your likely sale price, your costs, and what you'll walk away with.
FAQs
Who pays the transfer fee in Wisconsin?
The seller customarily pays Wisconsin's real estate transfer fee, which is $3 per $1,000 of the sale price.
Who pays for title insurance in Wisconsin?
By custom, the seller pays for the buyer's owner's title insurance policy. The buyer's lender policy is usually paid by the buyer.
Is real estate commission negotiable in Wisconsin?
Yes. Commission is negotiable and is set in your listing contract.
How much does it cost to sell a $300,000 house in Wisconsin?
It depends on commission, title insurance and taxes, but you can count on the $900 Wisconsin transfer fee ($3 per $1,000). Ask your agent for a net sheet with your exact estimate for the rest of the costs.
Do I have to pay off my mortgage before I sell?
No. Your remaining mortgage balance is paid off at closing from the sale proceeds.
Do sellers pay closing costs for the buyer in Wisconsin?
Only if you agree to. A buyer may ask for a credit toward their closing costs, and you can accept, counter or decline.
Want to know your number? Find out what your home is worth or send me a message for a free net sheet.
About the author
Kaeley Simek, REALTOR® helps buyers and sellers across Milwaukee, Waukesha, Washington, Kenosha and Walworth Counties. She's a Real Trends Verified top 1.5% agent nationally. In her words: “I take great pride in doing everything I can to give you the ultimate buying or selling experience. My top values are communication, honesty, kindness and having the heart of a teacher: guiding you and explaining your options so you can make great decisions. I’m extremely experienced with unique and tough challenges, and I love to negotiate.” Questions? Call or text 414-501-7880 or send her a message. She replies within 2 hours (before 8 pm).
This article is general information, not legal, tax or lending advice. Loan programs and rules change, so confirm details with your lender and agent.
