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03-27-2007, 10:56 AM
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Junior Member
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Join Date: Mar 2007
8 posts, read 17,167 times
Reputation: 12
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transfer tax customs in pa? inspection cost?
my realtor said in pa the seller and buyer usually pay 1 % each and my estimate is 1600 on my 160,000 dollar home, does this sound right?
my lawyer in nj says the seller pays the entire cost here in nj, so i wanna make sure i am not getting rooked!
also im getting a whole house inspection , pest inspection and radon.. The estimate is 475.00, is that about right?
any reccomendation for inspectors in lebanon pa?
oh and im also paying in cash, my estimated closing cost will be 4271.00 dollars , i thought it would be much less since im paying cash. what do you guys think?
thanks
zim
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03-27-2007, 12:37 PM
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Senior Member
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Join Date: Feb 2007
166 posts, read 219,076 times
Reputation: 42
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Sounds like alot especially being that you will have no mortage.
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03-27-2007, 12:48 PM
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Junior Member
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Join Date: Mar 2007
8 posts, read 17,167 times
Reputation: 12
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ok heres the list
title search insurance 1158.75
settlement notary fees 25.00
document preparation 125.00
recording fees mortage or deed 125.00
trasfer tax 1,600.00
property insurance 480.00
adjustments/lienable
school tax 75 days prorated 360.75
county tax 259 days prorated 262.27
municipal tax 259 prorated 14.80
inspection fees
whole home 360.00
pest 50.00
radon 75.00
transaction fee 150.00
estimated cost $ 4271.57
I was figuring on more like 2500, so this really shocked me!
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03-27-2007, 02:58 PM
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Senior Member
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Join Date: Jan 2007
Location: Lake Ariel Pa
2,591 posts, read 2,533,677 times
Reputation: 960
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Well, if you weren't counting on the transfer tax, your estimate of $2,500. would have been very close.
Yes, here in Pa., they charge 1% for buyer and 1% for owner. Paying cash would not affect any of those fees.
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03-27-2007, 03:48 PM
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Real Estate Agent
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Join Date: Jul 2006
Location: Newtown Square, PA
179 posts, read 314,939 times
Reputation: 42
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those are correct it is the general practice that both sides pay an equal share of the transfer taxes. all the other fees are unavoidable, title insurance, recording fees and such. cash deals don't reduce the fees. on average i tell people they will pay 6% of the sale price in closing costs. you are not being ripped off. the realtor makes no money on your closing costs, and title insurance is regulated by the state everyone pays the same. also the inspection fees are good actually the radon and pest is a bit low!!
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03-27-2007, 05:34 PM
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Junior Member
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Join Date: Mar 2007
8 posts, read 17,167 times
Reputation: 12
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Thanks very much, I feel alot better know !
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