The big one: commission

Commission is the largest line item for most sellers, and it's negotiable. What you'll pay your listing agent is set in your listing agreement, so read that part carefully and ask questions before you sign.

What a buyer's agent gets is now negotiated deal by deal. Since August 2024, compensation offers can't be posted on the MLS, so it usually shows up as a request in the buyer's offer, and you decide how to respond.

The smaller costs

In Utah, the seller customarily pays for the buyer's owner's title insurance policy. The title company's settlement fee is usually split 50/50 with the buyer. Utah property taxes for the year aren't due until November 30, so at closing you credit the buyer for the part of the year you owned the home. And if you have an HOA, expect payoff and transfer fees, which vary a lot.

One cost you won't see: Utah has no real estate transfer tax.

The costs people forget

In a slower market, a lot of buyers ask the seller to help with their closing costs or a rate buydown. That money comes straight out of your proceeds, and it's often worth more to a buyer than the same amount off the price. A home warranty for the buyer is another common request, and sellers usually end up paying for it.

Then there's getting the home ready: repairs, cleaning, touch-up paint. That's money I'd rather you spend on purpose than by accident (more on that in what to do before listing).

A quick example

Example only, with made-up numbers: you sell for $550,000 and owe $300,000 on your mortgage. Say total commission comes to 5% ($27,500), you give the buyer $10,000 toward closing costs, and title, settlement and tax proration together run about $5,000. You'd walk away with roughly $207,500. Your real numbers will be different, which is exactly why it's worth running them before you list.

What I'd actually recommend

Before you list, get a net sheet. It's a simple estimate of what you'd walk away with at a few different sale prices. It takes the guesswork out of pricing, and it makes offers that ask for concessions a lot easier to judge. I'm happy to put one together for you, no strings attached, or you can run a rough version yourself.

Quick answers

Does Utah have a real estate transfer tax?

No. Utah doesn't charge a real estate transfer tax, so sellers don't pay one at closing.

Who pays for title insurance when selling a home in Utah?

By custom in Utah, the seller pays for the buyer's owner's title policy, and the title company's settlement fee is usually split between buyer and seller.

Is real estate commission negotiable in Utah?

Yes. Your listing agent's commission is set in your listing agreement, and any compensation for the buyer's agent is negotiated as part of each offer.

Sources: Stewart Title: Utah real estate practices

Ask for a net sheet