Home Buying in Stamford>Question Details

Rutherforddo, Home Buyer in Bronx, NY

What are the average closing costs for home sales in Stamford? What additional fees are due at closing?

Asked by Rutherforddo, Bronx, NY Fri Feb 1, 2013

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Lisa Jones’ answer
Since you are from New York, I will assume that you are buying in Stamford, so I will address the buyer's closing costs. Also since you are asking the question here on Trulia, it would seem that you do not have a Realtor. I would be happy to take excellent care of you and here is some initial helpful info to comprehensively answer your question.
Buyer pays, prior to closing:
Home Inspection Fees (range from $450-$1200, depending on scope of requested work and the individual Inspector chosen)
1% of the agreed selling price to accompany the written offer
Upon signing of the Contracts another agreed sum (usually between 5-10%) of the selling price, unless applying for an FHA loan, in which case the total deposit can be as low as 3.5%.
The Lender's Appraisal is often picked up by the lender if negotiated, or can be rolled into the mortgage, otherwise is runs about $400.
Buyer Pays at (or just before) Closing:
Home Insurance policy min 6 months pre-paid (required by the lender prior to closing), this ranges according to property value.
Title Search & Insurance (also required by lender prior to closing), this also varies based on value of the home. This service is often provided by the buyer's attorney but is separate from the legal fee.
Legal Fee; ranged from $750-$2500 depending on lawyer selected.
Taxes that have been pre-paid for the current half year are credited back to the seller and often this expense is rolled into the mortgage.
Buyer also pays the seller for any oil remaining in an oil tank, any gas in a propane tank, and in some cases any prepaid annual services.
Please feel free to call/text/email me anytime with your questions!
Realtor Lisa Jones
203-218-6664
Lisa@LisaJones.com
0 votes Thank Flag Link Sat Feb 2, 2013
I must say I like your answer. You not only listed the different items, but gave a ballpark cost of each which appears to be quite accurate.

Donald Mituzas
Licensed Associate Broker
2008 Realtor of the Year
Douglas Elliman Real Estate

http://www.nyhomeseller.com
Flag Sat Feb 2, 2013
Feel free to call me to discuss anytime. I can walk you through the process in detail for your individual situation.

Nick Gandhi
Equity Capital Real Estate
(203) 280 3838
0 votes Thank Flag Link Mon Mar 4, 2013
All good answers so far. If you'd like to discuss costs over the phone or face to face let me know. My company is located right in downtown Stamford.
0 votes Thank Flag Link Wed Feb 27, 2013
It depends whether you are a buyer or seller. The seller pays a transfer tax to the state and local governments and the lawyer.

The buyer, as part of the process, will pay for all home inspections - building, pest, radon, well and septic where appropriate, the appraisal, title insurance and lawyers' fee as well. Those fees may include copying, FedEx etc. The lawyer's closing rates vary widely. Many real estate companies have an affinity relationship with a lender and lawyers. In that case the costs might be less.

By all means, have your real estate professional give you some suggestions and then interview them about their fees and services. Several days before the close you must get a good faith estimate of the total closing costs.

Best,
Jay Cooke
0 votes Thank Flag Link Fri Feb 1, 2013
Hello Rutherforddo,
Here is a link to information on buyer closing costs which you may find helpful:

http://www.ctrealestatelaw.com/6-tips.php

Typically, they are anywhere from 2%-5% of the cost of the property.

Here are some fees to expect but I suggest contacting a local lender to gain more insight on what the actual amounts may be for your particular loan:

-Credit report fee
-Property appraisal fee
-Inspection fee
-Title search and title insurance fees
-Document recording and survey fees
-Transfer taxes
-Property taxes
-Loan application fee
-Loan points and loan origination fee
-Attorney's fees (yours and your lender's)
-Escrow account balances
-Document preparation fees

Best wishes!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Fri Feb 1, 2013
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