Is there an easy formula for calulating buyer and seller closing costs on single family home transaction?

Asked by Mb, Kansas Sat Feb 21, 2009

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Dp2, , Virginia
Fri Mar 20, 2009
I agree with Maria on the buy-side of the transaction: 2%-3%. It's roughly 8%-10% on the sell-side (assuming you pay 6% for commission, 2%-3% for the buyer's closing costs, and 1%-2% buffer [for the just-in-case expenses that sometimes pop up on the back-end of the deal]).
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Maria Morton, Agent, Kansas City, MO
Fri Mar 20, 2009
To get a very rough, ballpark numberin your mind for general planning purposes, figure 2-3% of the final sales price.
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Dallas Texas, Agent, Dallas, TN
Sat Feb 21, 2009

Keep in mind if you are a buyer OR seller confer with CPA some can be tax deductions

Buyers closing costs:

a) Loan orgination
b) Title company
c) Insurance, taxes based on purchase price of home
d) Inspection paid direct prior to service
e) Appraisal paid prior to service

I have cut pasted below from a prior question I answered here on Trulia

All listing agent should review costs for a seller therefore you are not caught off by surprise. GREAT for you start working on estimates

a) Seller pay for realtors fees - listing and buyers agent
NOTE: realtors are paid at closing via the title company

b) Closing costs - seller has pay their closing cost covers title company fees

c) Average # of days - realtor would be able provide you this info. based on area

d) Repairs - buyer will normal request minor repairs best have these issues addressed prior listing home
of course some will disclosed inspection report

e) Mortgage amount - pay paid via title company closing transfers funds to your lender
f) 2nd lien - same as E
g) tax for 2009 - title company transfer tax amount to county of money owed while you owned home
h) liens - If you have any liens on property title company pays those

I believe I have covered majority of expenses
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