Who Pays Closing Costs When Selling a House By Owner?
You're considering selling your Maryland home by owner, but you're not sure who pays closing costs. As a homeowner in Maryland, you have the freedom to choose your own path, but that also means taking responsibility for some of the costs associated with the sale. In this article, we'll break down who pays closing costs for a sale by owner in Maryland.
Who Pays Closing Costs for FSBO Sales?
One of the biggest advantages of selling your home by owner is that you don't have to pay a traditional real estate commission, which can range from 5-6% of the sale price. At Parlevu Global Services, we charge 0%, so you can keep more of the money in your pocket. On a $300,000 sale, that's about $18,000 less in commission fees. However, you will still be responsible for paying closing costs, which can range from 1-3% of the sale price.
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Seller Closing Costs by Owner
In practice, a seller who is selling by owner in Maryland may not have to pay closing costs at all, depending on the terms of the sale. For example, if you're selling an as-is property, you may be able to negotiate a lower sale price and avoid paying closing costs altogether. However, if you're selling a property with known material defects, you'll need to disclose those defects on the Seller's Disclosure and Disclaimer Statement, which is a requirement in Maryland. This statement can help protect you from potential lawsuits and ensure a smooth sale process.
Closing Costs Timeline
A traditional agent commission can take 30-90 days to close, but at Parlevu Global Services, we can close in just 7-21 days. This means you can get a cash offer within two business days and avoid the uncertainty of a longer closing process. With Parlevu, you can sell your home quickly and efficiently, while also keeping more of the money in your pocket.
What Maryland Homeowners Should Know First
Maryland requires the Seller's Disclosure and Disclaimer Statement for residential sales — even in as-is sales, known material defects must be disclosed. That matters no matter how you sell — to a cash buyer, through an agent, or on your own. Being upfront about the property's condition protects you legally and actually speeds up a cash sale, because investors price the repairs in from day one.
Maryland foreclosures are quasi-judicial and can move from Notice of Intent to auction in as little as 90-120 days, but homeowners can sell at any point before the auction. Timing is the single biggest lever you control. The earlier you explore your options, the more of them you have.
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Frequently Asked Questions
Do I have to pay closing costs when selling my home by owner in Maryland?
Yes, as a seller, you are responsible for paying closing costs, which can range from 1-3% of the sale price. However, you can negotiate a lower sale price and avoid paying closing costs altogether if you're selling an as-is property.
How do I disclose known material defects on my property in Maryland?
You'll need to complete the Seller's Disclosure and Disclaimer Statement, which is a requirement in Maryland. This statement can help protect you from potential lawsuits and ensure a smooth sale process.
What is the typical closing process like for a sale by owner in Maryland?
The closing process can vary depending on the terms of the sale, but at Parlevu Global Services, we can close in just 7-21 days. This means you can get a cash offer within two business days and avoid the uncertainty of a longer closing process.
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