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DancinBarefoot
06ers Rock!!
Member since 1/07 9537 total posts
Name:
The One My Mother Gave Me ;-)
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Closing Costs
I ran a search to find the answer but didn't come up with what I'm looking for. All the posts on closing costs say that it is about 5% of the purchase price. My question is what makes up that 5%??
I know that taxes and lawyers fees are part of the closing costs, but realistically, what else are you paying for at closing????
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Posted 7/16/07 1:08 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
ali120206
2 Boys
Member since 7/06 17795 total posts
Name:
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Re: Closing Costs
On top of taxes and lawyers fees, some of the big items are county recording fees, title insurance, title search fees, and survey fees.
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| Posted 7/16/07 1:19 PM |
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PotofLuck06
Our Baby Boy Is Here!!!
Member since 11/06 13241 total posts
Name:
Betsy
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Re: Closing Costs
The largest chunck of the cost is the taxes and the stupid NYS fee/tax that charges you up the ying yang. 
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| Posted 7/16/07 1:23 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Closing Costs
Taxes, taxes and taxes. Mortage tax is based on the amount of your mortgage...the more you take out the more you pay.
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| Posted 7/16/07 1:24 PM |
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SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Closing Costs
Posted by MrsFlatbread
Taxes, taxes and taxes. Mortage tax is based on the amount of your mortgage...the more you take out the more you pay.
yeah the taxes are the biggest chunk. there can also be a bit of interest, depending on the time of month you close.
also, it you owe the sellers money for things like oil in the tank, or property taxes they have prepaid.
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| Posted 7/16/07 1:28 PM |
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MrsFlatbread
Skinny jeans are in my future
Member since 6/06 10258 total posts
Name:
Baby Momma
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Re: Closing Costs
Posted by SweetTooth
Posted by MrsFlatbread
Taxes, taxes and taxes. Mortage tax is based on the amount of your mortgage...the more you take out the more you pay.
yeah the taxes are the biggest chunk. there can also be a bit of interest, depending on the time of month you close.
also, it you owe the sellers money for things like oil in the tank, or property taxes they have prepaid.
try to close at the end of the month!!!!
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| Posted 7/16/07 1:32 PM |
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