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Old 02-09-2008, 04:31 PM
tnw tnw started this thread
 
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If I pay 105,000 cash/no mortgage for a home what will the total closing costs be?
Thanks!
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Old 02-09-2008, 06:05 PM
 
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Quote:
Originally Posted by tnw View Post
If I pay 105,000 cash/no mortgage for a home what will the total closing costs be?
Thanks!
I would think the only things you would have to pay are:

Attorney Fee ($400)
Recording Fee ($50 or so)
Title Insurance ($200)

I definitely don't see more than $750-$1,000
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Old 02-09-2008, 06:11 PM
 
Location: Cary, NC
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Quote:
Originally Posted by tnw View Post
If I pay 105,000 cash/no mortgage for a home what will the total closing costs be?
Thanks!
A real estate attorney can answer that as well as anyone.

I imagine some costs could be about:
$450+/- Attorney
$200(?) Title insurance
$350 Survey, optional, but strongly recommended.
$14.00 first page, $3.00/additional page for recording the deed.
Prorata on HOA dues, if applicable?

Again, these are mostly attorney costs, will vary a little with each attorney, and you can get an estimate from an attorney for free.

You will also pay your first premium on Homeowner's Insurance. $500-$600 annually, depending on the insurer.

Your Termite, Radon, and Home inspections are expenses you will pay outside closing directly to vendors. $75.00, $125.00, and $275-$375.00+/- respectively.
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Old 02-09-2008, 06:45 PM
 
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Default MIne including all Mike listed

Quote:
Originally Posted by MikeJaquish View Post
A real estate attorney can answer that as well as anyone.

I imagine some costs could be about:
$450+/- Attorney
$200(?) Title insurance
$350 Survey, optional, but strongly recommended.
$14.00 first page, $3.00/additional page for recording the deed.
Prorata on HOA dues, if applicable?

Again, these are mostly attorney costs, will vary a little with each attorney, and you can get an estimate from an attorney for free.

You will also pay your first premium on Homeowner's Insurance. $500-$600 annually, depending on the insurer.

Your Termite, Radon, and Home inspections are expenses you will pay outside closing directly to vendors. $75.00, $125.00, and $275-$375.00+/- respectively.
Mine including all Mike listed was under 2K.
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Old 02-09-2008, 07:16 PM
tnw tnw started this thread
 
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Dont you have to pay transfer tax 2% of the total cost of home?
Thanks for everyones help!
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Old 02-09-2008, 08:00 PM
 
Location: Cary, NC
39,074 posts, read 67,705,216 times
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Quote:
Originally Posted by tnw View Post
Dont you have to pay transfer tax 2% of the total cost of home?
Thanks for everyones help!
Typically the Seller will pay the Tax Stamps.
About $210 on the example you propose.

Again, any closing attorney will be glad to tell you their fees.
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Old 07-02-2008, 08:47 AM
 
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If the builder is paying $3000 towards closing costs, how much can we expect to pay after that? There's something on the mortgage appl. papers that is concerning me. It says "Compensation to Broker." What is that? It's in excess of $6,000. Thanks!

Last edited by Strongasabear; 07-02-2008 at 09:49 AM..
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Old 07-02-2008, 10:08 AM
 
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something others didnt mention i dont think...

youll have to pay property taxes till the end of the year and prorated HOA fees if there are any
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Old 07-02-2008, 04:58 PM
 
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Plus insurance for the next 12 months, or whatever goes into an escrow for tax and ins. if you set one up.

I think you'll also have ins. appraisal fee, inspections for pests and termites, the site survey, and home inspection....
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Old 07-02-2008, 11:56 PM
 
Location: North Raleigh
820 posts, read 2,662,093 times
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Quote:
Originally Posted by dinalkulp View Post
If the builder is paying $3000 towards closing costs, how much can we expect to pay after that? There's something on the mortgage appl. papers that is concerning me. It says "Compensation to Broker." What is that? It's in excess of $6,000. Thanks!
A lot depends on the lender. There are too many costs on the settlement statement to list but to name a few: Origination fee, doc fees, survey, pest inspection, prepaid interest/insurance/tax for x number of months (also depends on what the lender requires). The whole builder paid closing cost thing can be a bit misleading. I'd ask the builder to pay closing costs for whatever lender *I* chose. Lot's of times the closing cost incentive is tied to using the lender partnering with the builder. Some times those types of deals have tons of "junk fees".
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