Whether you are buying a house or selling one, there are expenses that will be incurred. These expenses are called closing costs and are collected at the time of closing on the property. Typically, the buyer’s costs are greater. These include, but are not limited to, lender fees, appraisal fees, inspections, buy down point when applicable, insurance, escrowed taxes, attorney fees, and title fees. The most expensive of these items is usually lender fees, so by paying cash you can greatly reduce your costs. As a Realtor, it is hard to predict closing costs since we do not know what all of the exact fees are. Your lender will give you a Good Faith Estimate early on in the process that will be very accurate.
On the selling end, you will pay deed stamps and taxes. Deed stamps are paid to the county and are the costs to transfer the deed to the new buyer and clock it in at the court house. These fees in York County are $3.70 per thousand dollars. Of course, property taxes will be the sellers responsibility until the day of closing, at which point the buyer becomes responsible.
There can be many factors that affect closing costs and the exact money needed for closing. Be sure to talk to your Realtor and be prepared.
Lee Hamilton
Allen Tate Realty
803 322 4340