What Are Typical Closing Costs
Hey Group,
I'm purchasing a 4 - unit property in New York City. The sales price is $362,000. The realtor is telling me that typical closing costs for such an amount will go for about $22,000 or 6% of the sales price. Is this true?
What's involved in closing costs? Lawyer Fees, title insurance, ...?
Thanks,
Angel
6% is extremely high unlessthat would include your down payment. I always figure 2-3% for normal C.C.
In my area, we use Title Companys to run the escrow and provide Title ins. Whatever you use there, you could call or go in and ask for a sample of closing costs on several sales amounts $100K, 200k, etc.
I learned real fast that Closing Costs are not a %, you need to be able to figure them out. A % can be used as a Rough Rule of Thumb, only.
Agree with previous post, just a rule of thumb. Always get a good faith estimate which will break down the CC. there are alot of variables. loan origination fee, discount points, etc..