Updated almost 5 years ago on . Most recent reply
Minnesota Closing Costs
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!