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How do I find out how much my closing costs will be?
The title company will be able to issue you a good faith estimate of total closing costs. Depending on if you are the seller or buyer in the transaction there are different costs involved.
Who pays what is pre-determined in some cases but some costs are also negotiated as part of the contract to buy and sell real estate. Make sure you know about local real estate transfer taxes. Aspen for example will receive 1.5% of the sales price of every real estate transaction for real estate located in the Town of Aspen.
Who will pay for this is up for negotiation and depends a little on the market circumstances. When Aspen real estate is in high demand the tax tends to be paid by the buyer most of the times. In slower markets it is easier to negotiate for the tax to be split equally between buyer and seller of for the seller to pay for the tax out of his sales proceeds.
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