Closing costs for a piece of Land for 65k

Member since 2023 · 6 posts · 0 votes

Hello, everyone. Looking for some advice if this seems normal for closing costs on this piece of Land my wife and I are trying to buy. The closing costs seem to be astronomical for the cost of the property. Thank you.

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Caleb Brown
Real Estate Agent · Kansas City · Member since 2018 · 4k+ posts · 3k+ votes
2y
$1,500 is the closing costs? That is normal for what I usually see
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Chris Martin
Investor · Willow Spring, NC · Member since 2009 · 5k+ posts · 3k+ votes
2y
Reading between the lines, it looks like a seller financed transaction. Paying 2.4% for total closing costs (which include title search, title insurance, all attorney doc prep and recording fees) seems very reasonable given the relatively low $ purchase price. What's somewhat interesting to me is that there is not a line item for survey. Some title insurance policies require a current survey, but if this is a re-insurance policy (with the seller's title insurance company) then you saved yourself (potentially) a lot of money. From the above, I assume this is a lot in an established subdivision or a lot within a town's jurisdictional boundary. Just a guess from experience.
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