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Today, I’m talking about who pays what in an average real estate transaction in the surrounding area. How much are the entire closing costs for the buyer and the seller?
When you’re buying or selling a home, people often overlook how much a transaction will actually cost them. What’s interesting about this is that you can find all kind of calculators online, but every state has different regulations. As a general rule of thumb you have fees that account for up to 1.5%, if you're selling, and 3.5% if you're buying, of your entire transaction. This also includes mortgage fees, attorney fees, deed stamps, title insurance, and homeowner’s insurance. The homeowner’s insurance brings up the percentage for buyers compared to sellers.
If you present an attractive offer to a seller, they might be willing to help you pay for these fees out of their own pocket. This reduces the amount of money you pay out. If you’re a seller, closing costs can come out of a home’s equity. Additionally, you need to consider comission fees for real estate agents, which are between 5% and 7% depending on the services you receive from the agent.
If you’re thinking about buying or selling in Charleston, give me a call or send me an email. I’d be happy to serve your local real estate needs and answer any questions you might have!
