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Closing Costs For Buyers in Boston, MA in 2023

Closing costs for buyers in Boston, MA typically range from 2% to 5% of the home’s purchase price, depending on several factors. Some of the most significant expenses that contribute to these costs include:

  1. Attorney Fees: In Massachusetts, it is customary for both the buyer and seller to have separate attorneys to review the purchase and sale agreement, conduct a title search, and ensure that all legal requirements are met. Attorney fees can range from $500 to $2,500 or more.
  2. Title Insurance: This insurance policy protects the buyer and the lender against any legal disputes that may arise over the property’s ownership. The cost of title insurance is typically based on the purchase price of the home and can range from $1,000 to $3,000 or more.
  3. Appraisal and Inspection Fees: Before a lender approves a mortgage loan, they will require an appraisal to ensure that the home’s value is worth the amount being borrowed. Appraisal fees can range from $400 to $600 or more. Additionally, buyers will typically pay for a home inspection to identify any potential issues with the property before finalizing the sale. Inspection fees can range from $400 to $1,000 or more.
  4. Mortgage Fees: Lenders may charge a variety of fees related to the mortgage, including loan origination fees, discount points, and prepaid interest. These fees can vary widely, but buyers should expect to pay up to 1% of the loan amount in mortgage fees.
  5. Prepaid Expenses: At closing, buyers will typically pay for several months of property taxes, homeowner’s insurance, and possibly private mortgage insurance (PMI) if their down payment is less than 20% of the purchase price. These prepaid expenses can range from a few hundred dollars to several thousand dollars.

It’s important to note that closing costs can vary depending on the specific circumstances of each transaction. Buyers should work closely with their lender and real estate agent to get an accurate estimate of their closing costs and to negotiate with the seller if they are able to do so.

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