When Buying Subject To, What Are Your Closing Costs?
Hello,
I was wondering what are the typical closing costs when buying a property subject to? Are there standard fees or is it a percentage of the value of the home?
Also, what is a ballpark total for closing costs? So, if I purchased a $100k home subject to, what would be a good estimate for my closing costs?
Thanks for your help!
Peter
Peter,
Your closing costs are going to depend on how your state handles deed transfers and how much of the actual work you do yourself on closings.
If you are proficient at the details like title search, doc prep, deed filing, etc, your closing costs might be as little as $10 bucks.
If you gt an attorney to handle these things for you and your state requires transfer taxes to be paid no matter how title transfers, you may have several hundred dollars in costs.
Hard to say as it will vary greatly.
William Tingle
WilliamGA