Help, Real Estate Agents, Closing cost questions! (2%, agent, fees)

[Buyer w questions]

Hello Agents and everyone,

I'm closing a deal on a unlisted property and the seller wants to use his agent as dual agent. The problem is I don't trust the seller or his agent. Here's what he put down on an estimate closing sheet. I agreed to pay for the seller's portion since he's willing to sell the property at lower than assessment value. I thought it was a good deal. But the settlement fees bugs me. So, I'd like your opinion. By the way, I'm paying in cash.

Property $15,000
Title Search Ins $420
Settlement / Notary $250
Recording Fees $50
Transfer tax 2% $300 (For both buyer and seller)
Broker's Fee $1,295
Prorated property tax to be enclosed at closing.

I feel that "Settlement / Notary " fee is too much. Should I negotate? Please advice and share your opinions.
Thanks
Buyer

[MikeJaquish]

Originally Posted by Buyer w questions

Hello Agents and everyone,

I'm closing a deal on a unlisted property and the seller wants to use his agent as dual agent. The problem is I don't trust the seller or his agent. Here's what he put down on an estimate closing sheet. I agreed to pay for the seller's portion since he's willing to sell the property at lower than assessment value. I thought it was a good deal. But the settlement fees bugs me. So, I'd like your opinion. By the way, I'm paying in cash.

Property $15,000
Title Search Ins $420
Settlement / Notary $250
Recording Fees $50
Transfer tax 2% $300 (For both buyer and seller)
Broker's Fee $1,295
Prorated property tax to be enclosed at closing.

I feel that "Settlement / Notary " fee is too much. Should I negotate? Please advice and share your opinions.
Thanks
Buyer

I see Title Search Ins + Settlement/ Notary = $670.
That would be about right, in Cary, NC.

What do you think Settlement/ Notary cost should be?

[shellytc]

Buyer, that settlement fee is about normal here. But if it is bothering you, why don't you call around to some other settlement companies and see what they charge to settle a closing. Then you will know what is normal and customary.

Question.......is the settlement company settling both sides (buyer and seller)? IF so, is this the total charge? (here it would be 250 for each side). If they are doing both sides, and you are paying for both sides, will the discount..... IF the $250 is for both sides, you already have a discounted price....

shelly

[FalconheadWest]

If you're paying cash, don't rely on the seller's agent to provide estimated costs. Call the title company and get their fees from the horse's mouth. Those fees are LOW!