Hi, for a house with a sales price of $99K I got the following charges. This seems very high but just wanted to get some feedback since this is the first time doing a purchase in Philly. Your help and feedback is greatly appreciated:
|Title Charges||Buyer pays||Seller pays|
|Closing Fee (If Applicable)||$200.00|
|Owner's Title Insurance||$1,025.00|
|Title- Courier Fee||$20.00|
|Title- Notary Fee||$15.00|
|Title-Incoming Wire Fee||$7.50|
|Title- Tax Search||$55.00|
|Recording & Transfer||Buyer pays||Seller pays|
|Recording (estimate - may vary by county/township)||$252.00|
|Local Transfer Tax||$1,637.36||$1,637.36|
@Vinod Badami sounds about right.
Philly transfer tax is 3.278% + 1% commonwealth (state). The 4.278% is usually split 50/50% between the buyer and seller (though if wholesaled the split can be different).
Other fees look reasonable.
@Mike McCarthy - thanks appreciate your feedback.
Looks kosher to me @Vinod Badami !
@Vinod Badami . Unfortunately correct, the transfer tax is the biggest one. I am looking to buy a 3mn property in philly right now. 2%+ each way, but/sell really eats into your returns
@Vinod Badami seems legit