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Posts Tagged ‘Closing Costs’

Closing Costs for Buyers and Sellers

Monday, August 9th, 2010

People always ask us what they can expect their closing costs to be when they purchase or sell real estate in and around Boston, MA.  Below is Luxury Residential Group’s quick guide, outlining the closing costs for both buyers and sellers.

For Buyers:

  • Attorney Fees – $400-$2000+ (Varies from attorney to attorney)
  • Filing Fees – $125 Deed +$175 Mortgage(If cash deal this is not applicable) + $65 Municipal Lien Certificate = $365
  • Title Insurance – $2.50-$4.00/$1,000 of Loan amount(Closer to $4.00/$1,000 if cash deal)

For Sellers:

  • Attorney Fee – $750-$2000+ depending on who you use
  • Tax/Transfer stamps – $4.56/$1,000
  • Mortgage discharge – $100
  • Filing fee – $75  
  • Record 6D** Certificate – $75
  • Fire Inspection – $50 (Charged by the city)
  • Broker commission – Separate agreement between Seller and their Real Estate Agent

**6D Certificate is a document from the condominium association showing that all condo fees and special assessments have been paid in full prior to closing.

What is The Role of An Attorney When Buying A Condo?

Saturday, January 9th, 2010

By Steven Ceprano – Boston Real Estate Attorney

Steven Ceprano - Summers and Summers LLP

Steven Ceprano - Summers and Summers LLP

We had Steven Ceprano of Summers and Summers in Boston, MA answer that question for us:

Conference with client, cover issues such as how to hold title (tenants in common, joint tenants, tenants by the entirety), information on type of property to be purchased (i.e., single family, condominium, multi-family), and financing issues.

Ø      Review offer to purchase

Ø      Negotiate and prepare purchase and sale agreement

Ø      Review condominium documents and financials.

Ø      Advice concerning financing and tailoring of purchase and sales terms to lender’s requirements

Ø      Review the results various inspections

Ø      Review title examination with bank’s attorney

Ø      Attend closing and review papers which buyer is required to sign

Ø      Set up escrows and special arrangements to correct title, complete construction or assure possession

Ø      Arrange title insurance protection for buyer against losses due to title defects, if desired

Ø      Transfer of security deposits and notices to tenants (if purchasing multi family house)

*We at Luxury Residential Group always recommend having the representation of an attorney when purchasing a property in Boston, MA. Please do no not try to make a go of it yourself.  You leave yourself open to too many risks. An attorney generally charges $1,250-$2,000($500-$750 to negotiate the P and S, and another $750 to $1,250 to handle the closing and make sure you have the proper title insurance.

Featured Listing
22 Liberty Drive #5L, Boston, MA Seaport District Boston, $775,000
22 Liberty Drive #5L, Boston, MA
Seaport District Boston, $775,000
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