What are closing costs on home? – Suburban Snacks 98
Hello everybody, welcome back to Suburban Snacks. I’m Chad Olof and this month’s snack is POP ROCKS. Before we review the snack, we will be informing you on what closing costs are. Closing costs refer to the various fees and expenses that are incurred during the final stages of a real estate transaction, typically when purchasing a home or refinancing a mortgage.
These costs encompass a wide range of expenses, such as appraisal fees, title insurance, attorney fees, loan origination fees, property taxes, and various administrative charges. They are separate from the actual purchase price of the property and are usually paid by the buyer or, in some cases, negotiated to be shared between the buyer and seller. Closing costs can vary significantly based on factors like the location of the property, the lender’s policies, and the specifics of the transaction, so it’s essential for both buyers and sellers to be aware of and budget for these additional expenses when navigating a real estate deal. So who pays closing costs and how much are closing costs typically?
The closing cost in Arizona for buyers is approximately 2%–5% of the home’s agreement value. While the sellers are expected to pay around 6–10% of the home’s purchase price. For sellers, that includes the agency commission too. So if you are someone looking to purchase or sell a home in Southern Arizona, then we at Suburban would love to help! Now it’s time for the snack review.
Do you like POP ROCKS? Let us know in the comments below. That’s going to do it for us here at Suburban Snacks. If you have any questions or would like to get into contact with us feel free to check out our website at suburbanrealestategroup.com. Thanks for watching, my name is Chad Olof and we will see you in the next one!