Explanation of closing costs?

[John Suralik]

Can you explain closing costs for different types of real estate deals? I'm sure that they differ from location to location, but what I really want to find out the different costs for different types of deals? 

1. Is closing on a bare piece of land the same costs as closing costs on a SFH?

2. Is all cash closings cheaper because there are no/less banks involved? 

3. Is an owner financing deal more expensive because the lawyer has to draw up more paperwork? 

4. Is an 8k SFH in Detroit the same closing costs as a 300k SFH home in Detroit?

[Richard Ball]

Are you the seller or buyer?

1. Not that familiar with closing on raw land but at the very least as the seller you would not have to have the water escrow held at closing.

2. If you are the seller it makes no difference. If you are the buyer typically yes because you do not have all the bank fees and there is a lot less paperwork :D

3. Depends on how the owner finance deal is setup and who/how you are having the closing costs paid. The owner could pay them up front then wrap it into the financing. All contracts between two individuals are able to be customized, there is no set standard.

4. For a seller yes you have to pay a transfer tax relative to the sales price so 8K would be $68.80 while 300K would be $2580. For a buyer yes because 8K would have to be cash so no bank fees while a 300K purchase would more then likely be financed.

I think having a more specific scenario would be beneficial