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Updated about 10 years ago,
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