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Buying a home all cash PA. What exactly will I need to pay?
- Thread Starter AmyLou
- Start date
flyingron
Well-Known Member
Yes, call the settlement house where you intend to do this. We can't tell. First, it very much depends on what your purchase contract says as responsibility for certain things.
The biggest is a 1% transfer tax that gets paid to the state. Then the person doing the settlement will want to be paid for their time and this usually is augmented with additional charges to file the documents, courier them to the other involved parties (like the seller's lender). Of course, in most PA jurisdictions you pay the taxes for the calendar year early (unless you close in January before they're due), so you'll have to reimburse the seller for any amounts he has prepaid (for example, if the tax is $2000/year, and you close July 1, you owe him $1000 for the months he's paid of your ownership). Similarly, you'll may also have to pay for your share of any prepaid utilities.
The biggest is a 1% transfer tax that gets paid to the state. Then the person doing the settlement will want to be paid for their time and this usually is augmented with additional charges to file the documents, courier them to the other involved parties (like the seller's lender). Of course, in most PA jurisdictions you pay the taxes for the calendar year early (unless you close in January before they're due), so you'll have to reimburse the seller for any amounts he has prepaid (for example, if the tax is $2000/year, and you close July 1, you owe him $1000 for the months he's paid of your ownership). Similarly, you'll may also have to pay for your share of any prepaid utilities.
adjusterjack
Super Moderator
The following items may not be all inclusive:
Escrow fee
Transaction fee
Document recording
Buyer's title policy (often paid by seller but can be paid by buyer)
Prorated property taxes
Transfer tax (as previously stated)
Home warranty policy (if you want one)
YMMV.
When you open escrow ask the escrow company for an estimate of closing costs.
Escrow fee
Transaction fee
Document recording
Buyer's title policy (often paid by seller but can be paid by buyer)
Prorated property taxes
Transfer tax (as previously stated)
Home warranty policy (if you want one)
YMMV.
When you open escrow ask the escrow company for an estimate of closing costs.
zddoodah
Well-Known Member
Someone can, sure, but no one here can provide you with a list that is guaranteed to be accurate.
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