Good evening, if the home is a single family residence and it is a cash purchase, the approximate closing costs would be as follows:
Title insurance policy $525,00
Transfer tax and fees $425.00
Closing fee $400.00 to $600.00
Optional and additional costs:
Insurance policy $600.00
Home warranty plan $500.00
If there is an existing survey and you choose to accept it (I would advise against that), you may save a couple of hundred dollars more, Otherwise you would hire an surveyor and that would cost about $300,00 for an ALTA survey which would show all current and permitted structures, easements, etc.
If you financed the property, you may have the following additional closing fees:
Title insurance (add) $435.00
Additional tax and transfer fees $550.00
Plus you may have to consider a few to several months of tax and insurance paind into an escrow account in addition to loan origination fees (points) which could vary depending on your lender.
If the property is an REO (foreclosure), you may be required to pay for a re-occupancy permit or certificate of occupancy which may cost from $600.00 to $1,500.00.
If the property is a short sale, the seller's lender will most likely pay for your title insurance policy.
If the property is a condominium or a home in a planned unit development with a home owners association, you may need to pay some months of maintenance into an escrow account to be held by the association or property management company at closing.
If there are assessments that have not been paid in full prior to the transfer of the property, you or the seller may be required to pay for all of the remaining installments of the assessments at or prior to closing. Yes, I know, that could be a deal killer.
It is important for me to re-iterate that all of the figures I provided are approximate and there are many variable that can affect your actual costs.
I hope this helps but I realize it may be difficult and confusing to come up with a realistic projection. That's why our office usually provide a prospective buyer with an estimated buyer's closing costs estimate before they submit an offer so that they can have a better idea of what their total costs might add up to be.
Please donâ€™t hesitate to contact our office if you have questions or need additional information.
At your service,
Joe Robaina, P.A.