Closing Costs for Buyers

Posted by Bradford Miller Law, P.C. - Experienced in Real Estate, Landlord Tenant Law, and Estate Planning.  Visit us online at http://www.bradfordmillerlaw.com/.

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% 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, I strongly suggest working with a Realtor - because you will be able to utilize their knowledge and experience for free.

What type of closings costs are there for Buyers? Here are some of the more common fees and expenses that Buyers will have to pay.

-Appraisal Fee
-Application Fee (for Lender)
-Other lender related fees (such as lender direct fees or commitment fees)
-Pre-paid mortgage interest
-Pre-paid county property taxes
-Settlement/closing fee (to Title Company)
-Title insurance and endorsement fees
-Handling, messenger, fedex fees
-Recording fees
-Transfer taxes (State, County and City)

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.

What if a Buyer walks away before the closing?

What if the Buyer walks away before the closing?
If all of the contingency deadlines have passed (attorney approval, inspection, mortgage comittment date, etc), a Seller may be able to retain the Buyer's earnest money as a penalty. However, it depends on the individual facts at the time the Buyer walks away.

Bradford Miller Law, P.C. is a Chicago based law firm experienced in real estate transactions.  If you are buying or selling a home, contact Attorney Bradford Miller at 312-238-9298.

Please note this is intended to give general information to the public. Although the information is generally accurate, it cannot be guaranteed and this information should not be construed as legal advice upon which a reader can rely. In all cases, please consult a lawyer before acting. This is intended to be advertising, and not solicitation, or legal advice.