CLOSING COSTS

Hi, its the Canadian again with questions.



I know how to calculate the closing costs in Canada but would like to learn how it’s done in the US, any help would be much appreciated.



What are all the typical closing costs on a SFH?, lawyers fee, property transfer tax, appraisal fee anything else?,



Do the closing costs differ from a sfh to a mulit-family ?



I want to get into the US market but want to do all my research first. This is an awesome site and some really good write ups



Thank for any help,

Comments(10)

  • finniganps29th March, 2007

    Some of the costs include:

    Lenders/homeowner title fees
    Appraisal
    Processing
    Principal/Interest for partial month
    Taxes
    Property taxes
    Transfer taxes
    Recording fees
    Notary fees
    Lawyer fees (if applicable - in a state that requires lawyers)
    Underwriting fees
    Points
    Impounds (if applicable)

  • I-N-VESTOR129th March, 2007

    Tks for quick reply, is there anyway I can find out more details about each of these. So typically on a $50000 purchase in MI, TX or NY would work out to ?

    Tks

  • tguerrino29th March, 2007

    I work in the Title industry, each state varies on closing cost it is regulated state to state, some states are very strict and others are more flexible.

    If you have specific states you are looking at I can give you the closing cost for that state. It also depends on the purchase price so I will need an estimate on that.

    Good Luck
    Tammy

  • jimandlacy29th March, 2007

    Yeah, we estimate 3 - 4% excluding Realtor and downpayment in our model. Even though recording fees have doubled, the formula still works for us.

    Jim

  • webuyhousesmi30th March, 2007

    I am in MI and deal alot with Sub Prime buyers. We almost always end up rolling closing costs into our deals when we sell and the closing costs are always 6%. Why 6%? Because that is usually the allowable amount by the mortgage companies.

    Whey we purchase (with a mortgage) costs are more like 3-4%. If you are paying cash expect to pay MUCH LESS. Below are some numbers from a recent cash purchase, which was a 70k property:

    (Sellers Fees)
    settlement/closing fee $400
    Title Policy $535
    County Tax Stamps $77
    State Tax Stamps $525

    (Buyers Fee)
    Settlement/closing fee $300
    Courier fee $60
    Recording fee $25

  • estateXchange30th March, 2007

    I estimate 3-4% when purchasing a property and 1-2% when selling.

  • I-N-VESTOR130th March, 2007

    Quote:
    On 2007-03-29 21:47, tguerrino wrote:
    I work in the Title industry, each state varies on closing cost it is regulated state to state, some states are very strict and others are more flexible.

    If you have specific states you are looking at I can give you the closing cost for that state. It also depends on the purchase price so I will need an estimate on that.

    Good Luck
    Tammy


    Thank you Tammy and everyone for your replies

    The purchase price of each ppty would be approx $50k, in the state of New York

    Tks

  • I-N-VESTOR16th April, 2007

    Hi Ryan

    Do you manage these two properties yourself ?, i like to buy in the area but need to find a good/reliable PM

    Tks

  • tguerrino7th April, 2007

    If you go to my website you can use the calculator www.greystreettitle.com click on calculator is will give you the option for NJ and NY on there and will gie you all closing cost you can occur.

    Tammy

  • tguerrino7th April, 2007

    I needed more info or I would have posted you the exact amount. Mortgage amount and county, if you have any problems dont hesitate to contact me

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