Who Pays Closing Cost?

Who pays closing cost when you purchase a home? Both the seller and buyer have their own set of closing fees and here is what you need to know.

If you’ve heard people vent frustration with the process of buying a home, then you’ve likely heard complaints about unexpected costs at closing. Let’s unpack what you should expect so you’re not surprised, too.
Closing costs can vary widely by location and your home’s purchase price. Costs are split between the buyer and the seller, but as the buyer you’ll have more line items on the settlement statement. Buyers can generally expect your closing costs to be 3% to 4% of the home’s sales price. So, on a $300,000 home, you can pay anywhere from $9,000 to $12,000 in closing costs. (Meanwhile, the seller typically pays closing costs of 1% to 3% of the sales price.) But let's not forget real estate commissions. Once you add in 6% realtors commission the sellers fees usually exceed the buyers.
Closing fees often include (but are not limited to):
• Commission for the buyer’s agent and seller’s agent
• A loan application fee
• An origination fee, which lenders charge for processing your loan
• The appraisal fee
• Doc prep fee
• Recording fees
• Survey
• Deed stamp (transfer tax)
• Credit report fee
• Intangible tax
• Title insurance
• Home inspection fee
• Earnest money deposit
• Property insurance
• Condo or HOA application fee
• Condo or HOA transfer fee
Again, buyer should count on 4% of the purchase price for closing fees.
If you would like to know more about this subject or real estate in the Treasure Coast please feel free to contact me for help. 772-285-7611 or visit: http://stuartfloridarealestatesales.com . https://772living.com
#closingcost #buyingahome #homebuyingtips #772living