Understanding Closing Costs
When buying or selling a property in Central Ohio, whether it's in Sunbury, Dublin, Delaware, or surrounding locations, you can expect to encounter closing costs that are similar to those in other parts of the country. Closing costs are the additional costs that are incurred at the closing of a real estate transaction and typically range from 2% to 5% of the total purchase price of the property.
Common types of closing costs you may encounter when buying or selling a property in Central Ohio include loan fees, title fees, appraisal fees, inspection fees, escrow fees, recording fees, and other miscellaneous fees.
For instance, if you're obtaining a mortgage to finance your property purchase, you'll likely have to pay loan-related fees, such as origination fees, application fees, and points. You'll also need to pay title fees to a title company or attorney to ensure that the property you're purchasing has a clear title, free of any liens or encumbrances. Additionally, your lender may require an appraisal of the property to ensure that the property is worth the amount you're borrowing, and you may have to pay for inspections and create an escrow account to cover property taxes and insurance.
It's important to note that closing costs can vary depending on the specific location of the property and the type of loan you're obtaining. Some closing costs may be negotiable between the buyer and seller.
Working with a knowledgeable real estate agent and lender who are familiar with the Central Ohio area can help you better understand what to expect in terms of closing costs and make the process go more smoothly. Whether you're buying or selling a property in Central Ohio, it's important to budget for these additional costs to ensure that you're fully prepared for the financial commitment of property ownership.
If you're thinking of buying land, commercial, country homes, or hunting properties in Central Ohio and surrounding areas, give us a call! We are experienced real estate agents and auctioneers who specialize in rural and country real estate. You can reach us at 740.965.1208!