How to estimate closing costs - full cash offer MD

[Brian Silvia]

I've heard various estimates for closing costs, ranging from 2.5-5% of the property value to the $1500-$2500 that the BP calculator suggests. I'm assuming that all cash offers will be a bit cheaper than convention financing closing costs, since it wouldn't have the lender fees.

Any good heuristics for all cash offers in MD? We've put a couple offers in but no accepted contracts yet, so I'm hoping to hone our estimates in the meantime!

[Tom Gimer]

I'm not a big fan of % estimates.

For Maryland cash deals you need to add up the following: State Transfer taxes; State Recordation taxes; County (or City) Transfer taxes; Recording fees. Every county is different. Every contract can allocate these items differently.

I would also factor in property tax allocation based upon July - June tax year. Some jurisdictions are way pricier than others. In order to record a Deed, taxes must be paid current.