Closing costs are fees that surround the closing of a real estate transaction. These fees include every penny outside of the purchase price and the payoff that must be paid to any party for any service, tax or other responsibility of either the buyer or the seller in relation to the final transaction of changing title from one party to the other.
Average closing costs by state. Bankrate.com surveyed up to 10 lenders in each state in June 2016 and obtained loan estimates online for a $200,000 mortgage to buy a single-family home with a 20% down payment in a large city in that state. Costs include fees charged by lenders, as well as 3rd-party fees for services such as appraisals.
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For sellers, the largest closing cost tends to be the realtor commission. This commission is typically between 4 percent and 6 percent of the sale price. The next.
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Most of the closing costs fall on the buyer, but the seller typically has to pay a few, too, such as the real estate agent’s commission. (Buying a home for the first time? See our tips for first-time.
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