Total for closing costs and escrows will average 5% to 6% of the price of the home.

Closing Cost Breakdown:

1. State Transfer tax = 1% of the sale price ( often 2% on HUD/ Bank Owned properties )

2. Bank fees average $450 plus Discount or Origination costs. This usually includes the appraisal, processing, and flood certificate.

3. Title Insurance Premium. This is a state mandated cost based on the sale price of the house.
$100k = $859
$150k = $1,109
$200k = $1,364
$250k = $1,608
$300k = $1859
$350k = $2,108

4. Home Owner's Insurance averages $600 on a $250,000 home (add for pools, sink hole coverage, etc)

5. Real Estate Taxes average 1% - 1.5% of the value of the home. Typically, the purchaser will need to bring one full year of taxes to allow for prorations plus escrows.

REMEMBER: A detailed Good Faith Estimate of closing costs and monthly payments is required as part of the Agreement Of Sale. Please see your Gold Services Manager for detailed information.