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Buying a home all cash PA. What exactly will I need to pay?

Discussion in 'Buying & Selling a Home or Residence' started by AmyLou, Nov 13, 2020.

  1. AmyLou

    AmyLou Law Topic Starter New Member

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    Hello, can someone tell me exactly what fees tax ect.. I need to pay? Buying a home all cash around $100,000 in Pennsylvania. Thank you.
     
  2. flyingron

    flyingron Well-Known Member

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    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.
     
  3. adjusterjack

    adjusterjack Super Moderator

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    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.
     
  4. zddoodah

    zddoodah Well-Known Member

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    Someone can, sure, but no one here can provide you with a list that is guaranteed to be accurate.
     

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