Closing Cost & Who Pays
Closing Cost: When it comes to buying a home, there are other very important cost to be considered. Believe it or not, the matter concerning buyers’ closing costs and what the buyer is expected to pay; seldom if ever is asked for by a buyer. Its mostly because closing cost are typically found in the small print of most TV advertising for home loans.
What are Closing Cost?
Closing cost are supplementary fees and cost associated with getting a home’s loan. To ballpark a figure, cost typically range from 1% to 3% of the property value. On a loan of $200K you can expect closing cost to be approximately: $2,000 to $8,000 dollars. As you can see these numbers represent a large range. Depending on your loan type, some if not all of these cost can be paid by the seller or rolled into the purchase of the home. (Ask your Realtor for Details)
What Makes up Closing Cost?
Some of these cost can be found in the Louisiana Real Estate Agreement to Buy & Sell agreement. Line numbers 79 – 87 state the following to be Closing Cost and who pays what:
- Real estate taxes, flood insurance premium if assumed, rents, condominium
- 80 dues, assessments, and/or other dues owed to homeowners associations and the like for the current year are to
- 81 be prorated through the date of the Act of Sale. Act of Sale costs, abstracting costs, title search, title insurance
- 82 and other costs required to obtain financing, shall be paid by the BUYER, unless otherwise stated herein. All
- 83 necessary tax, mortgage, conveyance, release certificates or cancellations and the SELLER closing fees, if any,
- 84 shall be paid by the SELLER. The SELLER shall pay all previous years’ taxes, assessments, condominium dues,
- 85 and/or dues owed to homeowners associations and the like. All special assessments bearing against the
- 86 Property prior to Act of Sale, other than those to be assumed by written agreement, as of the date of the Act of
- 87 Sale, are to be paid by the SELLER.
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Closing Cost Assistance
When it comes to getting Assistance with closing cost, an experienced buyer’s agent is worth their weight is GOLD. While the buyers and sellers both have their share of closing cost, it is customary here is Greater Baton Rouge area for the seller to assist in buyer’s closing cost. For competent help in buying your next home contact the Keith Lawrence Group.
Call The Lawrence Group at 225-289-1011
We at the Keith Lawrence Realty Group, provide a full range of residential real-estate services to help you buy, sell, rent or relocate.
- Use our Prairieville MLS search tool to find Prairieville LA properties for sale that may interest you
- Try our Prairieville Mortgage Calculator to determine the affordability of a property.
- Get our Guide to Home Ownership and learn Tips for First Time Home buyers.
- Learn Selling Tips to Homeowners when selling your Prairieville Home. Partner with a real estate Pro.
- Keep up on the real estate news in Prairieville Louisiana.
We will happily assist you through the entire selling and home buying process. From searching to finding, negotiating and to giving you the keys to your perfect “Home”. Having a Keller Williams Realty Representative on your side, we will ensure you, that you will be competent to make the most of your time, efforts and energy as well as your buying power! Contact US “The Lawrence Group – Your Prairieville Realtor Today”.
Buying a home? Find information on buying from our buyers resources or call the Keith Lawrence Group to buy a home fast.