Your Texas Real Estate Closing
What charges you can expect
If you are in the process of purchasing a new home or business, it is an exciting time in your life. You finally saved up enough money for a down payment on the property of your dreams, and the seller has agreed to the purchase. So everything is settled, right? Not exactly, as those who are unfamiliar with buying property may be surprised to learn that Texas real estate closings have additional fees associated with them, fees called closing costs.
If you are engaged in Texas real estate closings, your lender is required--under the Real Estate Settlement Procedures Act, or RESPA--to fully disclose all fees associated with purchasing your property. However, some of these fees still come as a surprise to the inexperienced buyer, and can include the following:
- Loan origination fees
- Mortgage interest
- Escrow items
- Transfer of title and deed charges
- Recording fees
- Public record of sale
How much will a real estate closing in Dallas cost me?
It is hard to say exactly how much real estate closings in Dallas will cost. They are often negotiable, and can even be paid for by the seller and worked into the purchase agreement. It is not uncommon for a closing to amount to thousands of dollars on a piece of property. A good way to estimate closing costs is to assume that they will be approximately three to six percent of the purchase price, depending upon the circumstances under which the property was acquired.
Before you do close on any type of property, be sure to have an attorney look over the forms, documents, and contracts that you plan to sign. Real estate law is complex, and the statutes can be altered at any time. You must make sure that you are getting the best deal possible, and that no one is attempting to shortchange you in the process. Hiring an experienced attorney to oversee your transactions is the best way to limit your closing costs, and to make sure that they are legally sound.
Information in this post gathered in association with an Atlanta bankruptcy attorney
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