In the Indianpolis, Indiana area, what is the customary allocation of costs associated with closing?

Asked by Mecincle, 46142 Sun Mar 21, 2010

Such things as title insurance, inspections, condo fees, real estate taxes (paid in arrears in Indiana, Ithink), and actual expenses for insured closing services.

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3
Marita Topmi…, Agent, Indianapolis, IN
Sun Mar 21, 2010
Mecincle,

That's funny, it looks like Jim copy and pasted Brad's answer.

However, one thing both neglected to say: As a seller you shouldn't pay
for inspections.

Typically, you will have Title insurance (based on sales price, for example: $700 for a sale of abt $160,000 - $170,000), Broker commission (if applicable), taxes (abt one year's because we do pay in arrears), Title fee for closing services (abt $130-$150). You mentioned condo fees, so yes, if you sell a condo, you must catch up (prorate) the fees - of course if you are paid ahead, you'll get the overage back.

Finally, work with a good title company. Of course, I always suggest using a good agent like myself.
But if you are going alone, your title company will provide you a net profit statement and Jerry Andrews,
317-251-6705, can do you a good appraisal, so you know where to price your home.

I hope that fleshes out the numbers a little better for you.

Thx for asking,

Marita
Assoc Broker/Realtor
Indpls and surrounding
1 vote
Jim Weaver, , Greenwood, IN
Sun Mar 21, 2010
To answer your question each transaction is different for example Title insurance is based on the sale price of your property $700.00 is a good guess. Property taxes again based on your property and the wording of the purchase agreement. Inspections run from $225 up. I provide a sellers/ buyers. Net sheet to provide my customers with their closing costs.

A good rule of thumb is about 3% of which you can have have the seller paid some or all of your closing cost
depending to the type of loan.

What I would have you do is meet which my mortgage people and then we would figure out how much help you need from the seller and when we find the property we would write this amount into the purchase agreement.

I would love to help you purchase a home!
Please give me a call.

Jim Weaver
KW Realty
317-313-2244
0 votes
Brad Osborne, Agent, Greenwood, IN
Sun Mar 21, 2010
To answer your question each transaction is different for example Title insurance is based on the sale price of your property $750.00 is a good guess. Property taxes again based on your property and the wording of the purchase agreement. Inspections run from $200 up. I provide a sellers/ buyers. Net sheet to provide my customers with their closing costs.

Call me I'd be happy to help you out

Brad Osborne
coldwell banker
258-3651
0 votes
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