Are Closing Costs Negotiable?

Are Closing Costs Negotiable?
Hi. I’m Beth with TB Properties Buys Land. So, you’ve got rural vacant land. You’ve got empty land sitting out there that you’re finally ready to sell. Maybe you’ve found a buyer for your land. Maybe you’re working with a realtor. Maybe you’re working with a real estate investor, like TB Properties Buys Land. Now, you can negotiate the sale price of that property, but what about the closing costs? Can you negotiate those as well? Well, the answer to that is you can negotiate just about anything. Will the buyer for your land say, “Yes,” to that? -that’s the other question.

When it comes to closing costs and negotiating those, there’s generally a typical split. If you’re working with a title company, which we advise that you do for the safety of both parties, there are escrow fees that are split 50/50. They have buyer escrow fees and seller escrow fees, and they cut those in half. Additional closing costs are going to be the transfer taxes, and normally the seller pays for those. Recording fees with the County: normally the buyer pays for that. Title insurance: normally as a seller you cover title insurance to protect you if you’re giving them a warranty deed. Are there closing costs that are included that could be realtor fees? Did you use a realtor to sell your rural land? Is your buyer using realtor to purchase your property? Remember, rural vacant land isn’t going to bring as big a price tag as a house, so realtor commissions can be a 10% split between the buyer and the seller realtors, so factor that into the closing costs as well.

Other potential closing costs could be if your rural land needs a survey. Maybe that title company is going to require that the property be newly surveyed before they offer title insurance for that property. Maybe there’s a dispute on the boundaries. These are all things that you can negotiate when you’re selling your property. The buyer who’s buying your property may want it split. They may ask you to cover some of the closing costs. They might request you cover the cost of the survey.

Whenever it comes to selling your property, think about that sale price, but also think about what the closing costs are going to take off of that price that you bring home. That could be a couple thousand dollars in closing, the realtor fees could add an extra $1,000 to $2,000, or even more to that closing cost. If you’ve got a survey, that can rack up several thousand dollars if a survey is required. Be sure to consider all of that when you’re looking at your sale price, and when you’re setting your expectations for a reasonable take home figure.

TB Properties Buys Land, we’re a real estate investor. We offer a purchase price to you that will include us covering all of the closing costs. This includes both buyer and seller escrow fees, transfer taxes, recording fees, title insurance and attorney fees, if any. If there’s a survey required, we cover that as well. That way the price that we have on that purchase agreement is exactly what you’re going to bring home, and you don’t have to worry about any kind of realtor fees coming out of that, survey costs, or closing costs. But these are all things to consider when you’re working with somebody who’s buying your land.

If you have any questions about how TB Properties Buys Land works, and how we pay for your property with cash, work through a title company, cover all the closing costs, please feel free to reach out to us. We’re here to answer any questions that you might have. Thanks again for listening, and I hope you have a great day.
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