Philadelphia Home Seller Closing Costs

One thing to note: as a buyer, when you go to purchase a home, you sign a contract with the seller.  Once the contract is signed, it is your duty as the buyer to act in good faith to see the contract to its completion.  Part of the contract is setting a date when you, the buyer will close on the home and take possession of it.  Typically the closing date is 30-45 days out from the date that you go under contract.  Also, after you go under contract, it is imperative that you hire a title company.  A lot of your closing costs will be fees associated with the services of a title company.  On the closing date, the buyer and seller will meet at the title company’s office, exchange money, and sign a bunch of documents.  Part of the money that gets exchanged that day are referred to as closing costs.  Simply put - closing costs are the expenses above and beyond the home’s price that the buyer and seller incur to complete a real estate transaction.  You can expect closing costs to run you roughly 3% - 6% of the purchase price of the home.   These expenses will be divided up per debits and credits between the buyer and seller and will need to be paid at the closing table.  The costs are typically paid for via certified bank check or wire.  

Closing costs include but are not limited to: Transfer Taxes, Loan Origination Fees, Appraisal Fees, Title Search Fees, Title Insurance Fees, Survey Fees, Deed Recording Fees, Credit Report Charges, Buyer & Seller Agent Commissions, Utilities, State & City Taxes