Home Buying in Philadelphia>Question Details

Cat, Home Buyer in Alexandria, VA

What are closing cost for $264,000 in PA with no mortgage?

Asked by Cat, Alexandria, VA Tue Jun 1, 2010

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Your closing costs would include 2% transfer fee, and prorations of the sellers taxes, and also a few other minor costs. If you email me the address of the home, and when you plan to settle, I will send you a breakdown of the closing costs. Thanks, Lorri Paster
0 votes Thank Flag Link Tue Jun 1, 2010
Hi Cat,

All of the answers previously posted are correct. My question to you is why aren't you working with a Realtor who can answer this and all your other questions too. Your Realtor can provide you an estimate of your actual closing costs in a few minutes.

All the best,
Larry Lichtman
Your Real Estate For Life
Cell (267) 254-7994
1 vote Thank Flag Link Tue Jun 1, 2010
For a buyer, It will vary case to case but roughly in Phila about $7300 plus the remainder of the property/school taxes for the year. Outside of Phila $2640 less because the transfor tax is lower (keep in mind however that taxes outside the city may be much higher)
For a seller, about $21000 in Phila depending on commission and if outside of Phila, $2640 less because of transfer tax again.
Ed Marcinkiewicz 215-961-6029
0 votes Thank Flag Link Wed Jun 2, 2010
For seller's we like to use the 8.5% of the listing price formula as a general give or take estimation.

8.5% X 264,000

It includes 6% commission, 2% City and State transfer tax, and a .5% for miscellaneous items from title to U&O and perhaps a Home Warranty etc.

Just for Philadelphia folks. The county is different.
0 votes Thank Flag Link Tue Jun 1, 2010

Need some more info on the area which it will be located.

Also an eta on settlement.

Sean Dawes
0 votes Thank Flag Link Tue Jun 1, 2010
Good Morning Cat,

It would depend on the the County you purchase the house. Transfer taxes could vary i.e. Philadelphia County is 4%, 2% to buyer and 2% to the seller. I have had transactions in Philadelphia, Delaware, Bucks and Montgomery Counties, a rule of thumb I use is between 6-8%, depending on the county.

Peter Lavelle, GRI
Real Estate Excel
0 votes Thank Flag Link Tue Jun 1, 2010
Hi Cat,

It depends on the county that you are purchasing but typically it will be: tranfer tax, brokerage fees, and title fees.

If you can be more specific as to the county I can give you a better idea of how much it may cost.

Samantha Weekes, Realtor
Exit Tri-State Group
0 votes Thank Flag Link Tue Jun 1, 2010
What township, how much are the taxes and when are you settling?
If you can email me the MLS number, or property address, and let me know your settlement date, I can work them up for you.

0 votes Thank Flag Link Tue Jun 1, 2010
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