Asheville Real Estate Closing Costs
Anyone who’s ever bought or sold a home is likely familiar with the concept of closing costs – these are the various costs associated with the sale of a home, outside of the actually price of the property itself. But what, exactly, are the closing costs? In this first episode of season 2 of Whiteboard Wednesdays, we’ll take a look at the four major aspects of closing costs:
- Attorney fees – The first element of closing costs includes fees charged by an attorney to prepare and process paperwork. These fees will depend upon the type of closing and how many variables are involved, but will usually range from $300 to $350.
- Revenue stamps/Doc stamps – Revenue stamps or Doc stamps, which are a type of tax, will also contribute to the closing costs on a home sale. To learn more about revenue stamps, see Season 1, Episode 13 of Whiteboard Wednesdays.
- Payoff fees – Payoff fees, which are associated with the mortgage on a property and who currently holds it, will usually range from $35-$150.
- Billable hours – Billable hours typically represent the biggest variable in closing costs. The amount will be largely dependent upon how much work an attorney has to do during the closing; if they simply have to prepare paperwork, there may not be any billable hours to charge. If, however, the sale is more complex and requires the attorney to complete more legwork, they may charge as much as $300-$400 per hour. This is a cost that can add up quickly, but can be controlled by ensuring that you keep complete records to simplify the process.
To learn more about Asheville Real Estate closing costs and what contributes to them, reach out to Asheville Cash Buyers at AshevilleCashBuyers.com or by calling 828-222-6443!