C-Urchin
Nomad

Posts: 234
Registered: 12-17-2008
Location: La Paz
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closing costs on a home purchase
Asking all wise and sage Nomads this question:
What percent of the sale price of a house should all the closing costs be?
taxes, notario, appraisals, fideicomisso fees, the guy helping with the paperwork, etc...
(no agent commission on this deal, seller is paying that)
I am told 6% to 8%. Does not sound right. Help!
*Be the man your dog thinks you are
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monoloco
Elite Nomad
    
Posts: 6667
Registered: 7-13-2009
Location: Pescadero BCS
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I believe the only thing that would be a percentage would be the taxes, the rest should be fixed fees and not related to the price.
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Scorpimon
Junior Nomad
Posts: 33
Registered: 6-6-2008
Location: Nopoló
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Mood: Irie
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We closed on our house in Nopolo in December and closing costs totaled less than 4.4%. This included transferring the existing fideicomiso, bank
fees, appraisal, Notario fees, Acquisition tax, no loan or debt certificates, public registry fee, title search, one power of attorney, official
translations, copies and Agent fee. The Agent closed for us in La Paz while we were N.O.B.
I was pleased with this cost and thought I got a fair deal. I am not an expert but the cost of your purchase will figure into the closing cost
percentage. The higher value of the house, the lower the closing cost percentage.
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Dave
Elite Nomad
    
Posts: 6005
Registered: 11-5-2002
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Depends...
Who's paying cap gains?
Somebody's gonna.
Eventually...
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Paulclark
Nomad

Posts: 359
Registered: 10-13-2008
Location: Castillo de Arena
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There is a 2% acquisition tax plus about $4,000 in fees for a $100,000 property --- capital gains tax is paid by the seller, unless negotiated
otherwise.
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MitchMan
Super Nomad
  
Posts: 1856
Registered: 3-9-2009
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If you opt for title insurance, that could cost between $1700 to $2800 USD. If you opt for an American Escrow, another $400 to $600 USD.
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805gregg
Super Nomad
  
Posts: 1344
Registered: 5-21-2006
Location: Ojai, Ca
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Rent and you won't lose money.
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