What are CLOSING COSTS in Georgia and who pays them?

"CLOSING COSTS" are all of the peripheral fees and expenses that must be paid outside of the money which is directly going towards buying the home. Historically, these fees are paid by the buyer, but some or all of these can be negotiated into the contract for the seller to help cover the costs. If the buyer is getting a mortgage, there are additional costs associated with getting a loan.

For General purposes, you should plan to pay about 2.5-3% of the price of the home in closing costs if you are getting a mortgage. For a cash purchase you can estimate to pay about 1-2% for closing costs.

The exact amount varies based on the area that you are purchasing a home. For example, one of the fees is the prorated amount needed to cover the real estate taxes. Since the tax rates vary by county, this exact amount cannot be calculated until the specific taxes for that home and area are researched.

Here is a more detailed list. For more information, call Al Maxwell at 404-213-3804. He is considered one of the best agents in the Marietta and Atlanta area.