How much will you pay in closing costs? Let’s discuss.
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How much will you pay in closing costs?
What you’ll pay is determined by whether the buyer and the seller both have closing costs. The seller is generally going to have closing costs. Here in Colorado, it’s customary for the seller to pay for the title insurance. The closing fee for the title company and the closer that does all the paperwork is commonly split evenly between the buyer and seller, it’s usually around $130 each. The title work can be anywhere from 0.5% to 0.75% of the sales price. That’s frequently a seller cost.
Closing costs will typically be more expensive for the buyer, especially if they’re using a loan. If you’re paying cash, your closing costs are minimal. I recommend you work with a local lender that can educate you on loan programs, if you’re going that route, to determine what you’ll pay in your specific closing costs. The great news is, some of those loan deals offer cash assistance programs from local government agencies or the state. Depending on the market, we can also ask the seller to pay for some of the buyer’s closing costs.
If you have any questions please speak with your Realtor. If you don’t have one, please reach out to us. We’re glad to help and walk you through anything you need. Let us know how we can assist you!