Answers (2)
- STEVE SAMYN, "AgentSteve"
- Contributions:57
Rough estimate rule of thumb....around 2 1/2 % of loan amount.
- Carol Toronto, "NCols Powell Delawar"
- Contributions:28
Hi jfortier,
Your question does not indicate if the closing costs are for the Buyer or the Seller...FYI - it would not work to simply use a "percentage" average. There are too many variables unknown.The closing costs for the BUYER include lender fees, title/closing fees, and property tax pro-rations. The lender will provide the Buyer with a "truth in lending statement" as required by law and it should give the Buyer a close proximation for the total closing costs.
The closing costs for the SELLER include Broker fees, title/closing fees, property tax prorations and any Buyer concessions being paid for by the Seller. I provide my Sellers with a "NET PROCEEDS" compiled using our title company software that will be very close to the final.
A day or two prior to closing, the title company will provide a HUD final closing statement with all the costs and required monies to be brought to closing.
Hope this information helps answer your questions.
[content removed by moderator for being self promotional]
Your question does not indicate if the closing costs are for the Buyer or the Seller...FYI - it would not work to simply use a "percentage" average. There are too many variables unknown.The closing costs for the BUYER include lender fees, title/closing fees, and property tax pro-rations. The lender will provide the Buyer with a "truth in lending statement" as required by law and it should give the Buyer a close proximation for the total closing costs.
The closing costs for the SELLER include Broker fees, title/closing fees, property tax prorations and any Buyer concessions being paid for by the Seller. I provide my Sellers with a "NET PROCEEDS" compiled using our title company software that will be very close to the final.
A day or two prior to closing, the title company will provide a HUD final closing statement with all the costs and required monies to be brought to closing.
Hope this information helps answer your questions.
[content removed by moderator for being self promotional]
What are average closing costs on single family properties
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