Hi all,
A “regular” purchase here in Maryland results in closing costs equaling about 5% of the purchase price (yes, it sucks).
In doing a sub-2, obviously I don’t have the orginiation I would going out and getting a loan/HML to buy the owner out completely. What am I looking at in fees for closing? A few hundred bucks or maybe 1% of the PP versus 5%?
Hopefully someone out there knows what it’s like here in Md. and can let me know.
Thanks,
Immy
I thought I heard someone mention elsewhere that Maryland had a very high transfer tax. In Ohio, it’s like $400 per $100,000. Maybe I’m thinking of Delaware.
Possibly check this link out
http://www.dat.state.md.us/sdatweb/transfer.html
You prpobably heard right…Maryland has a high “everything tax”…darn Blue states anyway! Tax it all!
LOL
Keith