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
Lender Fees$300 – $1000
Home Inspection$300 – $800
Pre-Paid Interest$ daily interest for remaining days in month
Legal Fees$1,600
Condominium Fees$1,000
Real Estate Taxes4 – 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.