What are typical Seller Closing Costs,
and typical Buyers Closing Costs.
On any given deal purchasing a single family home
Every purchase can differ. Use seller concessions to your advantage and get a couple GFEs before settling with one broker/bank. Pay attention to Junk Fees and ask for the final APR and not just the interest rate. The APR includes the acquisition cost of the mortgage…
I just happened to have my HUD-1 out today while I was organizing some papers. Here’s some items based off mine:
For sellers:
Taxes for the part of the year up to your selling date are a reduction in the amount due to seller (you’re giving the tax for your portion of the year used to the buyer because the buyer will get the bill for the entire tax year).
Settlement or closing fee to Title Company.
Attorney’s fees - Deed preparation.
Title insurance.
City/county tax/stamps.
State tax/stamps.
Realtor commission.
For buyers:
Appraisal.
Document preparation fee.
Flood determination.
Any mailing costs for paperwork (or courier fees).
Settlement or closing fee to Title Company.
Title Insurance.
Recording fee.
Note this is just an example from a deal in IL. Other locations may have other fees. Other lenders may have more fees. Also notice there are some fees that both buyer & seller pay. gsuidiot made a good point with the good faith estimates. That should tell you most of the costs involved. Hope this helps.
Not sure if I can help without giving a copy of my P $ L…
Here is a spread sheet I use… These are actual numbers based on closing statements. What they do not take into consideration is cost of holding, cost of repair and cost to purchase. any Item that has a commission associated with it is a resell and the others are a purchase…
I am a numbers Nut…
Sales price Commissions Title Escrow Doc Prep Transfer Transaction H/W NHD Recording Notary Association Binder Property Tax Courier Other Total Percentage
$ 140,000.00 $ - $ 581.00 $ 325.00 $ 50.00 $ 154.00 $ 75.00 $ - $ - $ 13.00 $ - $ 120.00 $ 72.80 $ 36.11 $ 56.00 $ 1,482.91 1.06%
$ 105,000.00 $ 5,570.00 $ 55.20 $ 153.00 $ 50.00 $ 115.50 $ 75.00 $ 255.00 $ 104.00 $ - $ 15.00 $ - $ - $ 6,392.70 6.09%
$ 75,000.00 $ - $ 528.00 $ 325.00 $ 50.00 $ 82.50 $ 75.00 $ - $ - $ 22.00 $ - $ 52.80 $ - $ - $ 1,135.30 1.51%
$ 216,000.00 $ 9,720.00 $ 98.00 $ 328.50 $ 50.00 $ 237.60 $ 75.00 $ 255.00 $ 104.00 $ - $ 15.00 $ - $ - $ 24.02 $ 55.00 $1,300.00 $ 12,262.12 5.68%
$ 95,000.00 $ - $ 606.00 $ 405.00 $ 50.00 $ 104.50 $ 75.00 $ - $ - $ 12.00 $ - $ - $ 60.60 $ 3.96 $ - $ - $ 1,317.06 1.39%
$ 200,000.00 $ - $ 887.00 $ 625.00 $ 50.00 $ 220.00 $ 75.00 $ - $ - $ 13.00 $ - $ - $ 88.70 $ - $ - $ - $ 1,958.70 0.98%
$ 144,000.00 $ 7,325.00 $ 15.20 $ 220.00 $ - $ 158.40 $ 75.00 $ - $ - $ 12.00 $ 15.00 $ - $ - $ 2.76 $ - $ - $ 7,823.36 5.43%
$ 98,000.00 $ - $ 621.00 $ 425.00 $ 50.00 $ 107.80 $ 75.00 $ - $ - $ 13.00 $ - $ - $ - $ - $ - $ - $ 1,291.80 1.32%
$ 123,000.00 $ - $ 689.00 $ 471.00 $ 50.00 $ 135.30 $ 75.00 $ - $ - $ - $ 45.00 $ - $ 69.80 $ - $ - $ - $ 1,535.10 1.25%
$ 215,000.00 $ 10,520.00 $ 101.25 $ 317.00 $ 60.00 $ 236.50 $ 75.00 $ - $ 104.00 $ - $ 15.00 $ - $ - $ 44.16 $ - $ 9.50 $ 11,482.41 5.34%
$ 285,000.00 $ 13,670.00 $ 187.00 $ 387.00 $ 60.00 $ 313.50 $ 75.00 $ 255.00 $ 104.00 $ - $ 15.00 $ - $ - $ 48.95 $ - $ - $ 15,115.45 5.30%
$ 122,500.00 $ 7,017.50 $ 83.00 $ 235.50 $ 50.00 $ 134.75 $ 75.00 $ - $ 104.00 $ - $ 15.00 $ - $ - $ 18.49 $ - $ - $ 7,733.24 6.31%
$ 212,000.00 $ 10,385.00 $ 91.80 $ 314.00 $ 70.45 $ 233.20 $ 75.00 $ - $ 104.00 $ - $ 15.00 $ - $ - $ 42.27 $ - $ - $ 11,330.72 5.34%
$ 285,000.00 $ - $ 1,126.00 $ 803.00 $ 50.00 $ 313.50 $ 75.00 $ - $ - $ 13.00 $ - $ - $ 112.60 $ - $ - $ - $ 2,493.10 0.87%
$ 227,000.00 $ 10,215.00 $ 146.00 $ 342.50 $ 50.00 $ 249.70 $ - $ 310.00 $ 104.00 $ - $ 15.00 $ - $ - $ 78.20 $ - $ - $ 11,510.40 5.07%
$ 285,000.00 $ - $ 1,113.00 $ 795.00 $ 50.00 $ 313.50 $ 75.00 $ - $ - $ 15.00 $ - $ 111.30 $ - $ - $ - $ 2,472.80 0.87%
$ 250,000.00 $ - $ 1,020.00 $ 675.00 $ 50.00 $ 275.00 $ 75.00 $ - $ - $ 15.00 $ - $ - $ 102.00 $ 104.57 $ - $ - $ 2,316.57 0.93%
$ 70,000.00 $ - $ 507.00 $ 305.00 $ 50.00 $ 77.00 $ 75.00 $ - $ - $ 15.00 $ 30.00 $ - $ 57.00 $ 50.88 $ - $ - $ 1,166.88 1.67%
$ 250,000.00 $ 12,095.00 $ 133.00 $ 362.59 $ 50.00 $ 275.00 $ 75.00 $ 255.00 $ 104.00 $ 15.00 $ - $ - $ 125.76 $ - $ - $ 13,490.35 5.40%
$ 166,000.00 $ - $ 795.00 $ 491.00 $ 182.60 $ 75.00 $ - $ - $ 13.00 $ - $ 87.50 $ 99.72 $ 1,743.82 1.05%
$ 280,000.00 $ - $ 1,099.00 $ 795.00 $ 50.00 $ 308.00 $ 75.00 $ - $ - $ 15.00 $ - $ 109.90 $ - $ 2,451.90 0.88%
$ 154,000.00 $ - $ 768.00 $ 533.00 $ 50.00 $ 169.40 $ - $ - $ - $ 15.00 $ 76.80 $ - $ - $ - $ 1,612.20 1.05%
$ 164,000.00 $ - $ 812.00 $ 532.00 $ 60.00 $ 180.40 $ 10.00 $ 45.00 $ 1,639.40 1.00%
$ 38,000.00 $ - $ 370.00 $ 270.00 $ 50.00 $ 41.80 $ 75.00 $ - $ - $ 13.00 $ - $ 37.00 $ 30.48 $ 887.28 2.33%
$ 180,000.00 $ - $ 834.00 $ 585.00 $ 50.00 $ 198.00 $ 75.00 $ - $ - $ 15.00 $ - $ 83.40 $ - $ 1,840.40 1.02%
$ 175,000.00 $ 8,720.00 $ 221.00 $ 277.00 $ 120.00 $ 192.50 $ 75.00 $ 104.00 $ 26.00 $ 30.00 $ 20.90 $ 9,786.40 5.59%
$ 192,000.00 $ 9,495.00 $ 145.00 $ 304.50 $ 50.00 $ 192.50 $ 75.00 $ 295.00 $ 104.00 $ 15.00 $ 10,676.00 5.56%
$ 200,000.00 $ - $ 887.00 $ - $ - $ - $ 75.00 $ - $ - $ 15.00 $ - $ - $ 87.00 $ 1,064.00 0.53%
$ 209,000.00 $ - $ 914.00 $ 534.00 $ 50.00 $ 229.00 $ 75.00 $ - $ - $ 13.00 $ 45.00 $ 100.60 $ - $ - $ 1,960.60 0.94%
$ 125,000.00 $ 6,470.00 $ 190.00 $ 227.00 $ 60.00 $ 137.50 $ 75.00 $ 104.00 $ 45.00 $ 15.00 $ 7,323.50 5.86%
$ 165,000.00 $ - $ 795.00 $ 555.00 $ 150.00 $ 181.50 $ - $ - $ - $ 79.50 $ 1,761.00 1.07%
$ 265,000.00 $ 12,770.00 $ 162.00 $ 377.50 $ 50.00 $ 291.50 $ - $ 104.00 $ 15.00 $ 25.00 $ 13,795.00 5.21%
$ 135,000.00 $ - $ 715.00 $ 495.00 $ 50.00 $ 75.00 $ 15.00 $ 71.15 $ 1,421.15 1.05%
$ 105,000.00 $ - $ 636.00 $ 435.00 $ 50.00 $ 115.50 $ 75.00 $ 13.00 $ 63.60 $ 1,388.10 1.32%
$ 180,000.00 $ - $ 1,222.00 $ 585.00 $ 50.00 $ 198.00 $ 75.00 $ 28.00 $ 83.40 $ 2,241.40 1.25%
$ 88,000.00 $ 4,605.00 $ 96.30 $ 190.00 $ 60.00 $ 96.80 $ 75.00 $ 104.00 $ 15.00 $ 150.13 $ 5,392.23 6.13%
$ 85,000.00 $ 636.00 $ 435.00 $ 50.00 $ 115.50 $ 75.00 $ 63.60 $ 1,375.10 1.62%
$ 180,000.00 $ 861.00 $ 605.00 $ 50.00 $ 209.00 $ 75.00 $ 15.00 $ 86.10 $ 1,901.10 1.06%
Michael Quarles
Wow…that was a trainwreck. Hope somebody got something out of that!
Keith
Wow, thats a big list LOL