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What's in the closing costs?
I bought a place before and feel like I paid a bunch of money for closing costs, but didn't know what it was for. I'm hoping to sell and buy a different place this spring, but I want to understand what I need to pay and make sure I have enough money for it.
Asked By Henry | Bentonville, AR | 327 views | Finance Legal Info | 1 year ago
Answer(1)
Rylie Schroeder
Compass RE
Hi Henry! Both buyers and sellers have closings costs. When you purchase a home, your closing costs are usually between 3-5% of the purchase price and consist of lender fees (application fee, appraisal fee, origination fees), escrow fees, HOA dues, insurance, etc. As a seller, you are usually responsible for the Title Policy (.5-1% of the purchase price), plus the agent commissions. I hope this helps!
- 1 year ago
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