Closing Costs Without A Realtor

State:
South Carolina
Control #:
SC-CLOSE3
Format:
Word; 
Rich Text
Instant download

Description

The Closing Settlement Statement is a crucial document that outlines the costs associated with a real estate transaction, specifically addressing closing costs without a realtor. This form details various financial components, including the sales price, down-payment, expenses, and adjustments for both the seller and buyer. Key features include sections for itemizing expenses such as title search, recording fees, title insurance, attorney fees, and notary fees, enabling clear visibility of the financial obligations on each side of the transaction. Users fill out the form with specific details about the seller, buyer, and property information, ensuring accuracy in financial reporting. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who may be facilitating transactions without realtor involvement. The clarity of this document supports transparent communication among parties, helping to avoid disputes related to closing costs. Correctly completing and certifying the form is essential for both parties to acknowledge their fiscal responsibilities and ensure compliance with legal obligations.
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FAQ

In Illinois, both buyers and sellers typically share the responsibility of paying closing costs on a house. Sellers generally pay for real estate agent commissions, title insurance, transfer taxes, and seller's attorney fees.

Closing costs don't include your down payment, but you may be able to negotiate them.

Closing costs for sellers These usually total 5-to-6 percent of the home's sale price ? on a median-priced $287,400 Illinois home, 6 percent comes to $17,244. In most of the state, sellers are also responsible for the Illinois transfer tax. In Chicago, though, both the seller and the buyer pay their share of this tax.

In Pennsylvania, real estate transfer taxes are also a pricey closing cost. These are typically at least 2 percent of the sale price, 1 percent to the state and 1 percent to the local municipality, but in some areas the local tax can be considerably higher.

If you're interested in getting a rough estimate of your future closing costs, in Florida homebuyers spend an average of 2.58% of the purchase price. The average home in Florida sells for $225,000 - so at 2.58%, you'd owe $5,800 (approximately).

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Closing Costs Without A Realtor