When you borrow from a lender to buy real estate, whether it’s a land and home combo in Lake City, a tract of timberland for sale in North Florida, or cattle land in Lake City, you’ll have to deal with closing costs.
But what are they, and how much money will you end up paying?
What Are Closing Costs?
Closing costs are a set of fees that you have to pay when you sign the dotted line at the closing table… just before the property officially becomes yours.
They can include:
- Appraisal fees
- Credit report charges
- Deed-recording fees
- Discount points
- Homeowners’ insurance that you may have to pre-pay
- Loan origination fees
- Private mortgage insurance fees
- Property taxes that you may have to pre-pay
- Recording fees
- Taxes (including transfer taxes)
- Title insurance
- Title searches
How Much Are Closing Costs?
You can typically expect to spend between 3 and 5 percent of your home’s value on closing costs. Sometimes the seller can pay closing costs for the buyer, too, which can save you some cash.
Do You Need to Talk to a Lake City Realtor® About Buying Property?
Whether you’re buying a house, a farm, or a tract of timberland, we can help you find something that’s just right for your needs.
Call us at 386-243-0124 or contact us online. We may be able to help you find the perfect property in Lake City or the surrounding communities.
In the meantime, check out our:
- Waterfront residential
- Waterfront land
- Bank-owned and foreclosures
- Short sales
- Paved road frontage
- Non-deed-restricted land
- Wooded oak tree land
- Land for land home combo