Closing Cost Estimates

[Emmett O.]

Hi Everyone,

I have a question regarding closing costs in Philadelphia. Is there a rule of thumb that everyone goes by here? I have heard 6% but wanted to see the crowd's opinion. Thank you!

-Emmett

[Mike McCarthy]

I usually do the math:

Transfer Tax: 2.14%

Title Insurance: $1,000-$1,500 (published online based on sale price)

Recording Fees: $150-$200

Inspections: $500-800  (optional)

Realtor fees: $0  (seller pays)

Mortgage Fees: $0-$900

I don't usually count taxes, mortgage pre-payment, water, etc. since these aren't really fees, but you're actually paying the monthly cost for whatever it is.  But you can include them if you want.  Note if you close in March, you're likely going to pay 10 months of real estate taxes, since most people pay the whole year in Feb/Mar.