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Buying & Selling Real Estate

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Kyle Altenau
  • Tinton Falls, NJ
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Minnesota Closing Costs

Kyle Altenau
  • Tinton Falls, NJ
Posted Nov 18 2020, 10:08

I am looking at buying a large commercial building in Minnesota for about $6 million. I am putting together a model for the purchase and wanted to be sure there aren't any costs I am leaving out. Is anyone familiar with and state fees that may be involved in the transaction? 

For instance, in PA there is a 4% transfer tax that is typically split between buyer and seller. In NY there's a mortgage filing tax. In NJ is the purchase is over $1 million you pay a 1% (IIRC) fee. Are there any fees like this I should be building into my model?


Many thanks!

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