The purchase price of a property of course plays the biggest role when you think about buying real estate. Equally important however is to know what the closing and other costs will be so your final number will take everything into consideration. Here you will find a list of typical purchase costs.
The fees can vary, especially when it comes to financing. Exact amounts can only be determined if the individual situation is assessed. The below stated numbers are based on a home purchase price of $200,000.
Costs Cash Purchase:
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Title Insurance
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paid by seller if not negotiated otherwise
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Settlement Fee of Title Company
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approx. $350 - often negotiated buyer 50% - seller 50%
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Attorney's Fees
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in case you want your attorney to check the offer / contract
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Recording fees
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depending on the amount of the mortgage
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Fee for Home Inspection
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approx. $350 - depending on the size of the house
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Fee for Termite Inspection
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approx. $75 - depending on the size of the house
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Survey
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approx. $250
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Proration of property taxes
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depending on the tax amount and date of purchase
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| Assumption of Assessments |
depending on what has been negotiated
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Costs Financing Purchase:
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Origination Fee and other costs
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approx. $3,000 - can vary from one bank to another
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Elevation Certificate, Recording fees etc.
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approx. $250
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Bank Appraisal
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approx. $400
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State tax
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approx. $800
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Homeowner / Flood Insurance
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approx. $2,000
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Lenders Title Insurance
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ca. $2,000
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Title Insurance
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paid by seller, if not negotiated otherwise
|
|
Settlement Fee of Title Company
|
approx. $350 - often negotiated buyer 50% - seller 50%
|
|
Attorney's Fees
|
in case you want your attorney to check the offer / contract
|
|
Recording Fees
|
depending on the amount of the mortgage
|
|
Fee for Home Inspection
|
approx. $350 - depending on the size of the house
|
|
Fee for Termite Inspection
|
approx. $75 - depending on the size of the house
|
|
Survey
|
approx. $250
|
|
Proration of property taxes
|
depending on the tax amount and date of purchase
|
|
Assumption of Assessments
|
depending on what has been negotiated
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All numbers are estimated and can vary
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