Closing Cost for Seller Financing????????????

[Carlos Toussaint]

Hey Guys, I have a deal at hand that's quite expensive for an all Cash deal but Seller is willing to entertain Seller financing terms. I've crunch my numbers, but I'm missing one important factor, which is Closing cost. Does anyone know the Closing cost for a seller financing deal?

[David Oberlander]

First off, the numbers from Brandon are useless UNLESS you are buying in Indiana.

Carlos, are you buying property with a building on it in Florida?  Then here are some of the catagories you will be paying for.

1. Title company/attorney fees.  You need one or the other on your side, not the sellers. (And they can give you exact figures on everything.)

2. Government recording fees on the deed and mortgage.

3. State/county/city transfer taxes on the deed and mortgage.  Your bank's name is Joe Seller.  Federal banks always claim exemption from paying their share so you may have to pay all of these.

4. Owner's title insurance.  To protect you.

5. Homeowner's insurance.  If I was Joe Seller I'd want proof of this.

6. Survey.  Again, to protect you.

7. Home inspection and termite inspections are good to have done but you'll generally pay them when they are done.  Not at the settlement.  Did you account for them?

I've seen other "nickel and dime fees" added on so again the best thing you can do is contact your title company or attorney and get the numbers from them.