Escrow Fees in Georgia-A Breakdown for Flat Fee MLS Sellers

If you are planning on selling property in Georgia, there are certain things you need to keep in mind, one of which is escrow. If you are using the flat fee MLS channel to sell the property, then you should be aware of the escrow fees. Sellers in Georgia are sometimes unaware of this consideration when selling their property. Allow us to help you understand all about escrow fees in Georgia when selling a property using flat fee MLS in Georgia

What Are Escrow Fees?

Before we talk more about escrow fees, it is important to understand what they are. Allow us to help you understand what escrow fees are. Escrow is part of the closing fees. It is paid to handle the money and paperwork during the property sale. Usually, a company or individual is hired to help with the entire closing process. The third-party company or individual helps ensure all the money, documents, and processes are well managed. The escrow fees are paid to facilitate all this. Sometimes, the realtor offering you the flat fee MLS can step in to extend escrow services in Georgia. You have the flexibility to either take help from the same realtor from whom you received the flat fee MLS or choose to hire someone else.

Who Pays for Escrow Services in Georgia?

In Georgia, there is an understanding when it comes to escrow fee payment. Usually, the buyer and seller mutually share the escrow fees in Georgia. However, the specific details of the payment can be negotiated and vary based on the contract. When using the flat fee MLS channel to sell the property, you have leverage over those who involve realtors directly to sell the property; you can negotiate with the buyer to cover these escrow fees.

How Much Do You Have to Pay as Escrow Fees?

Now, the question that may arise in your mind is, “Okay, so how much escrow fee is normally paid?”. The answer is not as simple. The fees can fluctuate depending on the escrow agent you hire or the valuation of the property. The national average of escrow fees stands at around 1%–2% of the sale price of the property. Typically, escrow fees are split equally between the buyer and seller and usually amount to 1% of the purchase price. For more details, you must reach out to a company offering escrow services. Some companies can offer some savings on escrow fees in Georgia. Therefore, you should do your due diligence before choosing a company.

What Other Additional Costs Are Associated with Property Sales?

When selling property, apart from escrow fees, there are some additional costs you have to consider. Some of these costs are explained here so that you can have a full understanding of what you are getting into, especially when using flat fee MLS listing Georgia.

One of the most important additional costs, apart from escrow fees, which you have to take care of, is none other than title fees. Title fees are paid to manage a series of processes for the smooth and easy transfer of the property title from seller to buyer. The several steps in the title transfer may include title search, title insurance, recording fees, and transfer tax.

As a seller, if you are selling property in Georgia using the Georgia flat fee MLS listing or any other channel, you must have a clear idea of escrow fees. It will help you make better negotiation deals with the buyer and be mentally ready for these payments. Doing your homework on escrow fees helps make the selling process much easier and simpler.