Closing costs include a number of costs associated with the purchase of the home. They typically account for 0.66-1% of the total purchase price. It’s an additional expense you should budget for.
- Common breakdown:
- Any points involved in the loan
- Attorney fees
- Title search
- Title insurance
- Municipal lien search
- A full year’s prepaid home insurance
- Recording fees and transfer charges
- Other applicable fees
Don’t worry about these terms now because Your real estate attorney, typically recommended by your real estate agent, will go over the details of the costs with you when you have an accepted offer.
Closing costs just means that we need to conservatively budget in advance roughly 1% of the purchase price of the home. Still got questions? Chat with me or visit taniawurealestate.com!