Just signed the LOI for my hardware store and my attorney handed me a preliminary closing cost sheet. There was a line for a UCC search and filing fee that I'd never even heard of. What other fees popped up at the last minute for you all? Trying to avoid getting blindsided.
Closing Costs
What closing fees caught you by surprise when selling your shop?
Escrow fees, title insurance, and a random 'document preparation' charge from the buyer's side that somehow landed on my side of the settlement statement. That one still stings.
I had a surprise 'estoppel certtificate' fee from my landlord. It was like $500 for a letter saying my lease was current. Absolute racket.
Ugh, I didn't even think about landlord fees. Did you have to pay that yourself or did the buyer cover it?
I had to pay it. Buyer said it was 'customary' for the seller. I didn't have the energy to argue over five hundred bucks at that point.
Same. And speakin of random, there was also a 'business license transfer fee' that the city charged. Not huge but nobody mentioned it beforehand.
Anybody else get hit with a 'consulting fee' from the broker for 'transition assistance'? Ours was 1% of the sale price and we didn't see it in the original agreement. Felt like a tip jar at that point.
1%? Ouch. That's not a tip jar, that's a second commission.
Yeah, learned that one the hard way. The contract said 'standard closing costs' but apparently 'standard' is a very flexible word in this industry.
Honestly the worst one For me was the wire transfer fee. $40 just to send the money electronically. In 2024.
These are all giving me heartburn. At least I know to ask about the landlord estoppel and wire fees now. Thanks all.
One last one: they charged me for the final lien waivers, like drafting them. My attorney said it was 'part of the package' but it showed up as a separate line item. Anyway. Good luck with the close.