There are so many great things about owning a home in Park City! The clean mountain air, the recreational activities, the proximity to an international airport…I could go on and on. But here’s something that many people don’t know. The cost to buy and sell property in Summit County, Utah is very low compared to many other places.
Sample Buyer Closing Statement
I’ve posted a sample buyer and a seller closing statement. Let’s look at the Buyer statement first.
The column on the left is the cost to the buyer. The buyer will pay prorated property utilities and HOA dues and will receive a credit for prorated property taxes for the year. These are not really closing costs, but ownership costs. The only closing costs the buyer must pay are the title Settlement Fee of $350 and the recording fee of $20. That’s right, if you are paying cash for a home in Park City, it will only cost you $370 to close, whether that home is $200,000 or $10,000,000.
If you are getting a loan, there are additional costs related to the cost of borrowing money. These costs will include an appraisal and a lender’s title insurance policy. Some lenders charge mortgage points, document preparation fees and other fees. The lender is required by law to provide the estimated closing costs at the time you apply for the loan.
Sample Seller Closing Statement
Let’s look at the seller’s side of the transaction.
The column on the left shows the charges to the seller. The seller must credit the buyer prorated property taxes, utilities and HOA dues for the time the seller owned the property. The seller will also pay the listing and buyer agents a commission based on the sale price of the property. In addition to the commission, the only additional closing costs to the seller are the homeowner’s title insurance (which is based on the sale price), the $350 Settlement fee, and a Home Warranty (negotiable, but usually paid for by the seller).
Some Home Owners Associations charge a “transfer fee” or “community enhancement fee”, which can be 1% of the sale price. If you are buying or selling a property in a community with an HOA, you should know whether there is a transfer fee. The transfer fee is negotiated between the buyer and the seller.
Low Closing Costs: One More Reason to Love Park City
To sum it up, whether you are buying or selling a property in Summit County Utah, the closing costs are very low. We do not have “escrow fees”, “attorney’s fees” or “transfer taxes” that can add tens of thousands of dollars to the cost of buying or selling a property. More reasons to love Park City, Utah!
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