When paying cash, closing costs are minimal. Typical closing costs include a portion of title insurance, prorated taxes and condo fees.
If you plan to finance a condo in a 55+ community, prepare to put down at least 20-35%. Most lenders require higher down payments for condo loans. I'd be happy to provide you with a list of local mortgage professionals if you would like to compare rates and packages.
Katie Ingram, RealtorÂ®, CDPE, CFA
Keller Williams Realty
email@example.com / http://www.katieingram.com
* Serving Buyers & Sellers in South Florida since 1999
If you are paying cash then your closing costs will be very minimal; typically a few hundred dollars to the closing agent for handling the transaction and that will be it. Be careful as many agents and firms will try and charge you a "brokerage fee" that is nothing but a nonsense fee I would refuse to pay in almost all cases. You will see these fees range from $295 to $495+/-.
Also, there are costs that should be negotiated for the seller to pay including an owners title insurance policy to protect you from any future liens that may not show up during the title search. The other big one to watch for is a state document stamp tax on the deed transfer that the seller should also pay for.
Best of luck and if I can offer anything additional please let me know.
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
If you are a cash buyer, the typical closing costs you will encounter are a portion of title insurance plus prorations for taxes and condo fees.
If you're purchasing an active adult condo in West Palm Beach using a mortgage, you will probably need to put down at least 20-25% just because banks ask for higher down payments for condo loans.
Marc Jablon, the Jablon Team
Re/Max Complete Solutions
However if it is agreeable to the seller, they can contribute to the cost of these closing cost.
Real Estate 911 Inc Broker/Owner
When buying a home, the best place to start is to hire an Exclusive Buyer Agent. EBAs only work with homebuyers and there is never a conflict of interest that will jeopardize your negotiating position. Visit http://www.naeba.org for a referral to an Exclusive Buyer's Agent in your area.
I've written a best selling book called Buying a Home: Don't Let Them Make a Monkey Out of You. It'll teach you how to buy a home without getting ripped off. Follow the link below.
Best of luck!