It sounds like you are not using a real estate agent in this sale or you would have an estimate. If you are getting a mortgage, the lender will give you and estimate of the closing costs. Most of the costs associated with closing are related to the mortgage loan such as origination fee, private mortgage insurance, etc. If you are paying cash the closing costs will be minimal such as attorney fee, title insurance, recording fees. In any event $5,900 would seem to be more than enough to cover this sale.
If you are paying cash and not using a real estate agent, please be sure to get a good closing attorney to handle the details. If you need a recommendation for a closing attorney let me know, I have several. - Tue Aug 11 2009, 21:31