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I think it cost me right around $750 to close on my last house, which was bought with cash. Doc stamps, recording fees, title insurance, and termite inspector. Your mileage may vary.
The sellors should pay closing costs. Especially in this market.
This is not always true. Many areas in our TX market are still selling extremely well. I've had several clients get multiple full price offers in the last 6 months.
Depends on the local market of where you'll be going.
It all depends on your state/county and price of the home you are purchasing. The time of year you are purchasing can also affect it. Get a little more specific and someone can probably assist you. Will you use an attorney?
My closing costs always have been low since I pay cash and except for the builder i never asked for closing costs, but tried to get the price on the home lower, since the property taxes will be on the closing price and not the closing costs.
It all depends on your state/county and price of the home you are purchasing. The time of year you are purchasing can also affect it. Get a little more specific and someone can probably assist you. Will you use an attorney?
We are planning to pay $400,000 or less and will use our own attorney. We'll get a survey and inspection and also our own title insurance. Not sure of the state yet, probably SC, TN or FL. Do most states require document stamps? The $1,700 estimates I'm seeing on here sound kind of expensive.
Depending on where in Florida, it may very well be customary for the seller to pay for the title insurance, so that may or may not come into play. If it does, then: $5.75 per $1,000 for first $100,000
then $5.00 per $1,000 up to $1,000,000 Which for a $400K house you're looking at around $2100.00.
So, for Florida, you are going to have your attorney fee, and the tax pro-rations, and that's about it. The doc stamps on the sale are paid for by the seller. Doc stamps would only come into play for you if you were mortgaging, which you aren't. Your survey, again, depending on where in Fl you are, would be about $350. If nothing has changed on the property you might just want to accept the survey the seller has. The inspection generally goes according to the size of the home...figure.. $275-$300. Termite inspection should be about $45.00.
Tax pro-rations.. if you close at the end of the year, you will have very little tax to actually pay... the seller will reimburse to you their portion of this years taxes...if you close after September, then they will probably be collected by the title company and you will have to pay for the balance of the year up front and they get sent to the county automatically from the title company. That's why the timing during the year is important. And the cost of the taxes varies greatly from county to county as well as house to house so it would depend on where you actually purchase and the taxes on that particular house. You could buy from a disabled vet who pays no taxes, you could buy from someone who never homesteaded and their taxes are high.
But, yes, depending on the time of the year,the tax situation and if you are paying for the title insurance $1700 is on the high end.
The other states, I have no idea about.
Edit: By the way... *most* people down here do NOT use an attorney. It's all handled through the Realtor® and the title company. So, that also may not even come into play.
Edit again: I forgot. You are going to have homeowners insurance. One year policy fee paid up front. And that too varies greatly on the area in Florida you are looking at. *sigh* So many variables!
Last edited by palmcoasting; 08-03-2008 at 09:00 PM..
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Paying Cash for home - Closing Costs
