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Updated about 10 years ago on . Most recent reply
My closing costs seem waaaay too high, thoughts?
Hi guys,
I'm closing on my first property this Friday and just received the closing costs form.
Purchase price $17500 in cash
- $105 Title search
- $100 city engineer fee
- $500 attorney fee
- $125 agreement papers
- $75 mechanics lean draft/filing
- $240 1/2 transfer tax
- $500 tax split
- $165 garbage, and other misc fees...
$1810 closing costs which equals 10.4%
The $165 is a number that I had to come up with as the spreadsheet didn't equal the actual costs of $1810. The paralegal said it was garbage and some other prorated split. 10.4% of the purchase price seems very high. There is still plenty of spread to absorb this but I was thrown off a bit. Please let me know your thoughts and any suggestions.
Thanks in advance
Most Popular Reply
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- Real Estate Professional
- West Palm Beach, FL
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Seems right. Most fees having nothing to do with the purchase price. Don't know what the "tax split" is, property taxes are prorated.