Closing Costs

The closing is the culmination of the contract. All contingencies should be satisfied. The buyer performs a final walk through of the home and then meets with their attorney to sign the various mortgage documents. The buyer and seller meet for the transfer of title. The seller’s sign the required documents to sell the home. Both buyer and seller sign the closing statement indicating agreement to the dollars and cents, which authorizes the settlement agent to disburse the funds. The Seller then celebrates a new page in their life.

Typical Buyer's Closing Costs:

Typical Buyer Closing Costs:

Estimates

Recording Costs

$200-$500

Lender Fees

$300 – $1000

Home Inspection

$300 – $800

Pre-Paid Interest

$ daily interest for remaining days in month

Legal Fees

$1,850

Survey

$900

Condominium Fees

$1,000

Real Estate Taxes

4 – 5 months

Home Owners Insurance

$900 (varies with purchase price)

Settlement Fee

$525

Title Search

$400 – $500

Title Insurance

* 5.00 per thousand of purchase price up to $100,000
* 3.95 per thousand of purchase $100,001 to $500,000
* 2.65 per thousand of purchase $500,001 to $2,000,000
* 2.00 per thousand of purchase over 2,000,000

If property $1,000,000.00, then 1% mansion tax

Below find a guide to the buyers closing costs and a general discussion of closing costs.