A real estate transaction is a somewhat complex process with numerous players involved and many moving parts. If you are pushing toward the finish line to achieve your goal of land ownership, then you have likely wondered about closing costs, who will pay what, and how much it will cost to close the transaction. When you are trying to sort it all out in your head- what, who, when, and how much- there’s one important thing to remember…it’s all negotiable.
Closing costs are additional fees paid at the end of the land buying process. “Closing” is the stage of a real estate transaction during which the property title is officially transferred from the seller to the buyer. Essentially, closing costs pay for everything required to complete the transaction outside of the purchase price.
Throughout your land buying process, third parties, such as attorneys, surveyors, appraisers, lenders and others have performed services. Closing costs include the fees these professionals charge for these services to finalize the real estate transaction. Pat Porter, broker at RecLand Realty, discusses closing costs and aspects of the closing process that are most commonly associated with land deals.
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