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Buyer Closing Costs Ocean City Maryland |
Posted at My hometown Ocean City Maryland by Monica McNamara
August 11, 2008
Categorized in: Buyer Questions
Buyers always ask me what their closing costs will be when they are looking to purchase a property. I wanted to post this blog as a guide to purchasers in Ocean City Maryland. (Individual states and county fees will vary by locale).
The governmental charges necessary to record and transfer the property are as follows:
· County and State Transfer tax will be equal to 1% of the purchase price.
· State Stamps are $6.60 for every $1000 of purchase price
· Recording of the Deed and the Mortgage - determined by purchase price, and
Number of instruments to be recorded.
Other Settlement Costs:
· Attorney's Fees to conduct the settlement - varies from company to company. It pays to check with different
firms.
· Title Insurance - directly related to the purchase price of the property and whether issuing both Owners
and Lenders policies.
· Other miscellaneous charges - document review fee, courier fee, flood certification, tax service fee. These
charges depend if you are getting a loan on the property, and if the property is located in a flood zone area.
Prepaid Items are not settlement costs, but it is cash you will be required to have at the time of closing on the property, and will vary depending upon your purchase.
· Insurance
· Real Estate Taxes
· Homeowner's or Condominium Fee pro-rations
· Odd days interest expense
These are guidelines only. Each real estate purchase is different. Please contact me directly at http://www.Ocean-CitySales.com for information specific to your transaction.
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