Grand Rapids, MI Closing Costs

Closing Costs

Closing costs are the various expenses a home buyer or home seller has to pay in the final stages of a real estate transaction. If you're close to finalizing your home purchase or sale you'll want to review these fees with your realtor to make sure you have them accounted for your overall budget. Although in most cases the buyer shoulders most of the closing costs of the deal there are instances where you can arrange for the seller to cover some of the costs depending on how you negotiate the sale.

Closing costs in the state of Michigan account for about 1.44% to 2.89% of the final home sale price or an average of $2,888 after taxes. The median home value in Michigan is $154,500 and costs can vary depending on the actual price of the property. If you're interested in buying or selling a house in Grand Rapids, our team of experienced realtors would be happy to represent you in your real estate transaction and help you get the best deal possible.

Check out our original blog post at https://grootrealtyco.com/.

Typical Closing Costs in Michigan

Closing Fee

State Deed Tax/Stamps

Administration Fee

County Deed Tax/Stamps

Underwriting and Processing Fee

Origination Fee

Credit Report Fee

Appraisal Fee

Flood Certification

Tax Service Fee

Title search and Lenders Title Insurance

Owner’s Title Insurance Policy

Survey

Check out our original blog post at https://grootrealtyco.com/.

Property Taxes Involved with a Real Estate Transaction

No Proration

Calendar Year Proration

Fiscal Year Proration

Title Insurance Fee

HOA Fees

Home Warranty Plan

Recording Fee

Transfer Tax

Brokerage Commission

Lead-based Paint Inspection

Final Thoughts

The best way to pay for closing costs is by paying them upfront upon the closing of the real estate transaction. Paying it this way provides a lot of savings in the long run compared to paying for it monthly on top of your housing loan. If you have questions about your options when it comes to closing costs, please feel free to Contact Us today for more information.

Check out our original blog post at https://grootrealtyco.com/.

If you would like to receive a FREE Competitive Market Analysis, contact me today. Let Me Help You Find Your Grand Rapids Home! If you are a buyer, it is important to have the assistance of a Buyer's Agent to represent you during the transaction. If you need additional assistance or would like to schedule a showing, contact our office at 616-483-0572. ************************************************************************************

POSTED BY

GROOT REALTY CO.

616-483-0572

971 Rosewood Jenison MI 49428