Buyer’s Closing Costs
Closing costs for buyers can be hard to estimate because so many factors are involved. The type of loan, for example, makes a big difference. However, generally speaking, a buyer can expect to pay around 3-4 percent of the sale price for closing costs. Again, every transaction is different so this is only a general estimate.
Unlike sellers, buyers do not have to pay any realtor commissions. So, if you are a buyer, we strongly suggest working with a realtor — because you will be able to utilize his or her knowledge and experience for free.
Fees and Expenses Paid By Buyers
The following are some of the more common fees and expenses that buyers are responsible for paying:
- Appraisal fee
- Application fee (for lender)
- Other lender-related fees (such as lender direct fees or commitment fees)
- Prepaid mortgage interest
- Prepaid county property taxes
- Settlement/closing fee (to title company)
- Title insurance and endorsement fees
- Handling, messenger and FedEx fees
- Recording fees
- Transfer tax
Contact Bradford Miller Law, P.C.
To schedule a free initial consultation with an experienced Chicago real estate lawyer, contact our office online or call us toll free at 312-815-6637. Meetings can be set up for weekdays, between 8:30 a.m. and 5 p.m. We charge reasonable fees for all services.
Disclaimer: This website is for informational purposes only. It does not constitute legal advice and is not intended to create an attorney-client relationship. Please consult an attorney before acting on any information.