| Posted By |
Message |
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
|
Do we have to pay closing costs twice?
We are selling our house and *HOPEFULLY* buying another.
Will we have to pay closing costs twice?
 
|
Posted 5/15/08 1:15 PM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
bicosi
life is a carousel
Member since 7/07 14956 total posts
Name:
M
|
Re: Do we have to pay closing costs twice?
Yes, they are two separate closing transactions, so 2 different costs involved. If you use the same people (title closer/bank/atty, etc.) they may cut you a deal for re-using them.
|
| Posted 5/15/08 1:18 PM |
| |
|
HelenZ
So worth the wait :)
Member since 10/07 2862 total posts
Name:
Helen
|
Re: Do we have to pay closing costs twice?
yes, it stinks, but you will have to pay both. **specifically I remember having to pay the transfer tax on both....the buyer & seller each have to pay something.....and our lawyer charged us for both too!! 
Message edited 5/15/2008 1:33:05 PM.
|
| Posted 5/15/08 1:23 PM |
| |
|
Kelly9904
Mommy to 2 amazing little boys
Member since 5/05 9306 total posts
Name:
Kelly
|
Re: Do we have to pay closing costs twice?
Message edited 1/30/2009 3:22:06 PM.
|
| Posted 5/15/08 1:27 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Do we have to pay closing costs twice?
Yes you pay closing costs on both properties no different than you were just buying or just selling.
|
| Posted 5/15/08 1:42 PM |
| |
|
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
|
Re: Do we have to pay closing costs twice?
Ugh.
So are they 3-5% on EACH house.
Because that's a LOT of money. 
|
| Posted 5/15/08 1:50 PM |
| |
|
|
|
Re: Do we have to pay closing costs twice?
Posted by ave1024
Yes you pay closing costs on both properties no different than you were just buying or just selling.
When selling a home, you are usually required to pay for your attorney, and for the transfer tax and realtor fees
When buying a home there is a more extensive list of costs incurred (mortgage tax, appraisal, recording fees, title insurance, etc.)
So while you do have to pay something, it is usually more when purchasing a home.
|
| Posted 5/15/08 1:51 PM |
| |
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
|
Re: Do we have to pay closing costs twice?
Posted by FrankiesGirl107
Posted by ave1024
Yes you pay closing costs on both properties no different than you were just buying or just selling.
When selling a home, you are usually required to pay for your attorney, and for the transfer tax and realtor fees
When buying a home there is a more extensive list of costs incurred (mortgage tax, appraisal, recording fees, title insurance, etc.)
So while you do have to pay something, it is usually more when purchasing a home.
Of course. But I believe the OP was trying to wonder if there would be some sort of "discount" by doing both at the same time and typically the answer is no.
|
| Posted 5/15/08 2:01 PM |
| |
|
DaniF18
LIF Zygote
Member since 5/08 45 total posts
Name:
Daniella
|
Re: Do we have to pay closing costs twice?
As a Seller...you will have to pay the realtors, transfer tax (purchase price times .004), Attorney fee, mortgage and satisfaction of mortgage (usually 100 bucks for each mortgage)...thats about it (usually)
As a Buyer you pay for your attorney, title charges and bank charges....always aske for a good faith estimate from the bank fo you know what to expect....your closing costs are usually 3 to 4% for the loan amount.
|
| Posted 5/15/08 2:27 PM |
| |
|
leighla
Support Cancer Research
Member since 5/05 16353 total posts
Name:
Lauren
|
Re: Do we have to pay closing costs twice?
Posted by DaniF18
As a Seller...you will have to pay the realtors, transfer tax (purchase price times .004), Attorney fee, mortgage and satisfaction of mortgage (usually 100 bucks for each mortgage)...thats about it (usually)
As a Buyer you pay for your attorney, title charges and bank charges....always aske for a good faith estimate from the bank fo you know what to expect....your closing costs are usually 3 to 4% for the loan amount.
Thank you.
|
| Posted 5/16/08 7:50 AM |
| |
|
