The cost of closing really depends on your loan situation.
If you are doing an FHA loan with less than 20% down then you have to bring a MINIMUM of 3.5% of the sales price personally to the closing table. All other costs can be neogiated as part of the deal.
"Closing costs" on loans generally vary between 3-5% of the sales price, although sellers will often assist buyers with these costs.
Other special loans have different requirements and I would have to get a better idea of your personal situation to offer better advice.
As for condo fees, again, "it depends." Some condos have everything iincluded, while some have almost none. You will need to investigate that on a case by case basis. Your Realtor should also be able to help you get that information quickly. But be advised that condo fees are generally higher than home owner association or HOA dues because they cover more (usually).
If you need the assistance of a Realtor, I am at your service..
If you are a First Time Home Buyer and work in Montgomery County, there is Down Payment and Closing Costs Assistance available (there are other requirements)
This site explains how it works http://www.maryland-fha-loans.com/HOC.html
Some of the cost in closing include
- loan origination fees - depending on your lender.
- settlement attorney fee - depending on the closer used.
- prepaid county property taxes
- State transfer fees - normally shared between buyer and seller, Buyer side may be waived if first time home buyer.
- Count transfer fees - normally shared between buyer and seller.
- County recordation fee - based on the purchase price of the home.
Give me a call (301) 237-2277 to discuss in more detail.
- atleast one months condo fee
Closing costs can vary by lender and closing company. You an use a calculation for a rule of thumb but it is better to talk to a lender for a more accurate estimate.
Regarding condo fees covering the utilities, it depends on the condo.
Please contact me directly to discuss specifics and I can help you get teh information you need.
Jay Schlaffer, Weichert Realtors firstname.lastname@example.org
I can send u a sample settlement sheet(items and $ only) for u to understand thes.
U can figure app. 4% of sales price as the settlement costs for the buyer.
703 635 8209