how much is closing cost on a 240,000 home?

Asked by Patty, 33189 Sat Jul 14, 2007

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Keith Sorem, Agent, Glendale, CA
Sat Jul 14, 2007
Sounds like you'd really like an answer. Let's try this:
You ask your REALTOR to refer you to an escrow or title company (depending upon who prepares closing documents in your state)
Generally they include:
Principal Balance

Estimate For Termite Report/Completion
Estimate for Home Warranty
Disclosure Source NHD Disclosure
Department of Building & Safety 9A Report
Department of Building & Safety Certificate of Compliance

Owners Title Policy Fee (S) to SELLERS CHOICE
Documentary Transfer Tax
City Transfer Tax

Escrow Fee
Drawing Grant Deed
Notary Fee
Wire fee if any
Total all of all charges:
If the total closing charges exceed the sales price, then the next item will be
Funds required to close (meaning you need to bring a check to the closing table.
If there is a positive number (known as net proceeds), then you receive a check at closing.

The actual amount can be relatively accurately estimated. At the time you consult with a Realtor regarding listing your home for sale you should discuss your estimate of the net proceeds. If he/she does not bring it up, you should.

Good luck
1 vote
Deborah Madey, Agent, Brick, NJ
Sat Jul 14, 2007
HI Patty,
Can you let us know what state you are in? Closing costs vary.
1 vote
Leonie Okker…, Agent, Navarre, FL
Mon Jul 16, 2007

That's right, it depends, on the commission, the millage rate in your county, the conditions agreed on by the seller's and buyer's side (some costs can be split or taken over by one or the other side of the contract. If you have a Real Estate agent already, he/she should have given you a "Net Sheet" which will give you an idea of the estimated costs. Otherwise, ask for it. One recommendation: In this buyers market a seller's offer to pay x amount towards the buyer's closing costs is an attractive extra for buyers in their decision process.

Good luck!

Coldwell Banker JME Realty, Navarre
0 votes
Herman Chang, Agent, Palm Beach Gardens, FL
Sat Jul 14, 2007
This will depend on the state and county. You wil have seller and buyers costs. Contract will have to be reviewed to determine what was negotiated(will seller contribute $$ toward closing).

Contact title company you will be using and they will provide estimated closing costs.
0 votes
Irina Netcha…, Agent, San Marino, CA
Sat Jul 14, 2007
If you are in California and you are a seller, my rule of thumb would be commission plus 1.5% would be your closing costs.

If you are a buyer in California, a lot would depend on the type of loan you get and the number of points that you are paying for it.

0 votes
Paul Slaybau…, Agent, Scottsdale, AZ
Sat Jul 14, 2007
The previous posters have already demonstrated the majority of the variables at play when estimating total cost, but here's one more. What type of loan program is the buyer utilizing? If it is a government program (including FHA and VA loans) there will more than likely be mandatory seller contributions included. This is a great example of how a good agent is critical for assisting you throughout the entire process of selling a home. It's not just about finding a buyer.
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0 votes
Kevin Boer, , Palo Alto, CA
Sat Jul 14, 2007
The correct answer is: It depends! :) What state are you in? (I assume Florida, judging by your profile.) What is the tradition in your particular area about the allocation of closing costs?
0 votes
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