In North Carolina, there are closing costs that are associated with buying and selling property. Closing costs are the fees and expenses that you pay when you buy or sell property. Each state has its own set of rules that deal with closing costs. Closing costs can vary depending on many factors which makes each transaction unique. In North Carolina, the average closing costs are between 2% - 5% out of pocket for the buyer, while sellers closing costs average between 0.08% - 2% from of the sale price. Examples of closing costs that you will see are title insurance fees, appraisal fees, home inspection fees, title search, excise tax, realtor fees, attorney fees, etc.
Both the buyer and seller generally pay some portion of closing costs and the contract to the transaction dictates who pays what. If you are a buyer that is getting a loan with your home purchase, you can negotiate and ask your lender to cover some of the closing costs. Even if the buyer is paying strictly cash for the property, they can still negotiate closing costs with the seller. If you are selling property, expect to pay attorney fees, realtor fees (if there are realtors), excise tax, property taxes (prorated), including other costs. Further, sellers can deduct the closing costs out of their proceeds of the sale.
When you are planning to buy or sell property, make sure that you don’t forget about the closing costs. Further, expect that you will be paying more than the initial estimate on your closing costs. Remember, closing costs can be negotiated, so make sure to ask your realtor to see if you can save some extra money. Please reach out to our firm if you have any questions regarding closing costs.
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