Closing Costs: What Are You Going To Be Paying?

Posted by Office Staff on Tuesday, August 13th, 2013 at 3:16pm.

After you grind through the process of searching for, visiting, making offers on, and finally purchasing your new home, you’ll likely be pretty drained – and so will your wallet.

But then there are the closing costs. While these are probably the last thing you want to see, they’re a very important part of the home-buying process. Usually ranging from between 2 and 7 percent of the sale price, closing costs vary from region to region and depend on what kind of purchase agreements the buyers and sellers reached throughout the negotiations. But the fact remains that everyone has to pay them – getting yourself acquainted with what you’ll be opening your checkbook for will make it easier to prepare for, and easier to budget for.

  • Property Taxes
  • Homeowner’s Insurance
  • Insurance and Settlement Fees
  • Fees for Obtaining a Mortgage
  • Cost of Home Inspection

In all cases, your real estate agent will be able to explain in depth exactly what you’re paying with each fee and cost.

Don’t feel like you’re getting the short end of the stick, though – sellers also have to pay their fair share of closing costs. When it comes to selling a home, there are costs that have to be taken care of and paid off, so even if you aren’t buying you can expect to see these on bill:

  • Real estate commissions
  • Loan Payoff costs
  • Notary fees
  • Attorney Fees, if you enlist a lawyer during the selling process

No matter whether you’re selling or buying (and many do both) you should be aware of what will be charged to you at the conclusion of the sale. Closing costs aren’t fun, but they’re a necessary part of making sure the entire process is concluded smoothly and legally. 

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