What are the closing costs that buyers and sellers pay. Is it different per state?

Question

I was wondering if you had any input as to the closing costs that you typically conduct deals with and charge buyers and sellers.

Is it different based on the state that you operate in?

Theresa Harris · Answer

I can't speak for the US, but in Canada each province has different forms they use and different costs. In some areas (eg BC) you have a property transfer tax that is a percentage of the home's sales price. Other 'costs' are standard as they are credits and debits for things like property taxes and those will depend on when you buy the home. Lawyer's costs are less when selling that buying as there is less work for the lawyers to do.

Preston Dean · Answer

A. Origination Charges: Loan Amount (Points), Processing Fee, Underwriting Fee

B. Services Borrower Did Not Shop For: Appraisal Fee, Credit Report, Electronic Registration (MERS) Fee, Final Inspection Fee, Flood Tax, Service to lender, Title - Attorney Document Preparation Fee

C. Services Borrower Did Shop For: Survey Fee, Title - Endorsement Fee, Title - Premium for Lender's Coverage, Title - Settlement Or Closing Fee, Title - Tax Cert/Guaranty Fee

A+B+C = Buyer Closing Costs

Hope that helps!

Bruce Lynn · Answer

Yes every state has different fees, even within the state or area could be different.

For example in the big city we typically have $500-$650 escrow fee for each party where I live. Go to the smaller cities maybe 1hr outside of the big city and it drops to $100-$150.

I've heard our title insurance is higher than almost every place in the country. Ours is set by state law, so can't shop that to different title companies.

Lenders charge different fees. Most of the ones I use for example have super low fees, like no origination fee. Plenty of lenders charge 1/2%-1% or even 2% origination fee.

Often some of our title companies have a short class or might be willing to do one for you on sample closings and closing costs. They might even have an app for you to use. I'd ask your broker or team leader who are the top 3 title companies or closing attorneys they use, and then call them and ask if they have a class or could do one for you or your office.

Russell Brazil · Answer

Greatly varies by state and local jurisdictions.

Journey Toole · Answer

@Ran Iarovich

Are you asking as an agent? Or as a potential buyer/seller? Could vary by state, but where I work, could be 2-4% of price in closing costs (not including commissions). Sellers pay both agents typically (an additional 6% on average)

Theresa Harris · Answer

We can either use a lawyer or notary. They do the same thing and the prices are similar.

What are the closing costs that buyers and sellers pay. Is it different per state?

What are the closing costs that buyers and sellers pay. Is it different per state?

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