How Much Are Closing Costs on a Las Vegas Home Purchase?
This is a good question and there is no blanket answer! Â There are too many variables coming into play here!
Purchasing a lower priced Las Vegas property (Under $75K) that is financed – you could quite possibly pay up to 6%: Â Some lenders have larger % fees (even though they are making less $$) for low priced properties, an agent charged transaction fee (around $250-495) and Freddie Mac or Fannie Mae as sellers with their tax exemption could add a half percent (0.51% in Clark County NV to be exact) for transfer tax. Â This could round you up to 6% in closing costs EASILY on a $50K home purchase.
The best way to estimate BEFORE you put an offer in on a house is to:
- Ask your agent what their “transaction fee” is – some charge a transaction fee, some do not.
- Find Title Cost Calculators like ORTC’s Fee Calculator Online
- Request your lender to give you an estimate of their lending costs in writing.
- Figure out if the seller is exempt from paying transfer tax (such as Fannie or Freddie) and if they are exempt, take the purchase price x .0051 (Clark County NV residents only.)
- Add other non-seller paid incidentals to this amount (home inspection, homeowner’s insurance, tax prorations, HOA transfer fees, appraisal, re-inspections, home warranty, etc)
Cash Buyers can do the same thing except requesting the lender to give an estimate of their lending costs.
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