0
The answer to your question will vary by state and region. Generally you could expect to pay anywhere from 1% to 3-4% of the sale price in fees. An example of the fees could include a sales tax from the state, Title insurance if required by the state ( recommended if your state doesn’t require), taxes that the seller has already paid in advance are usually given back to the seller from you, or any municipal charges. I suggest calling a local real estate agent and ask them a few general questions. If you are in PA or NJ, I would be happy to give specifics.
Here are our typical fees in PA: Transfer tax- the state charges typically 1% to both the buyer and seller. But some counties charge 2% to both parties. Title insurance is regulated by the state and is based on the sale price. But the average home would be a charge of around $1500 or so. This insurance is required in PA and insures the owner that the title to the home is lien free. Taxes, the buyer is responsible for paying the seller back all taxes paid in advance. Recording fees- these are fees associated in recording the deed change at the local court house. They will vary with each county/state.
Assuming that you are referring to the purchase of a property then much depends upon the State in which you made your purchase. Of course if you have engaged the services of an attorney to assist you in the transaction and for the closing you will have to pay that bill. If a title search was performed and title insurance purchased, both of which are highly recommended, then there will be that expense as well. You will also need to pay for the recording of the deed, which is based upon the number of pages.
If you are selling a property without a mortgage, depending upon the State in which the property is located you may incur transfer taxes and attorney fees. If you engaged the services of a realtor in the sale of your property then you have a real estate commission to pay as well.
Closing costs, without a mortgage would include, but not limited to the following:
Appraisal (not required without mortgage, but some people want to make sure the home worth what they are paying)
Survey (again, not required, but helpful if one is not available- esp. with acreage purchases.)
Home Inspection, Pest Inspection (not required, but HIGHLY recommended!!)
Title Insurance (seller typically pays this in our area)
Real Estate Commissions (seller pays this, not the buyer)
Taxes on the property (at closing, the seller will be charged the taxes thru the date of closing for that year. You will be credited that amount, and taxes will begin to accrue in your name from the date of closing. You will be responsible for paying the entire year’s taxes on your tax statement the following year.)
Filing fees, processing or recording fees
- Home warranty (should you choose to purchase one- and most times you can get the seller to provide this)
As a buyer, the main things you would have to pay at closing would be your portion of recording & filing fees & document prep fees, then any additional services you had done, such as the home inspection, survey, & appraisal.
If there is no mortgage, then what costs are involved at closing?