Quick question. Can you get from lawyers here a Good Faith estimate of closing cost ?
kFrancisco de Cabral
kFrancisco de Cabral
- Thread starter kfrancis
- Start date
Legal "Good Faith Estimate" of Closing Cost
Closing costs on a typical real estate transaction are as follows:
Attorney/Notary: 1.16% of purchase price (1% + 16% service tax)
Taxes: Approximately 4.4% of the market value of the property as determined by the tax authorities, not on the price of purchase in the deed of sale. (3% Transfer Tax -Law # 288-04; 1.3% Document Stamp Tax - Law # 835-45; plus minor expenses such as tax on certified check, sundry stamps and tips at the Registry).
Surveyor: $100 +, depending on the size of the property.
Title Insurance (optional): Approx. 1% of the insured value.
Incorporation (optional): $1400 + depending on the capitalization.
Attorney/Notary: 1.16% of purchase price (1% + 16% service tax)
Taxes: Approximately 4.4% of the market value of the property as determined by the tax authorities, not on the price of purchase in the deed of sale. (3% Transfer Tax -Law # 288-04; 1.3% Document Stamp Tax - Law # 835-45; plus minor expenses such as tax on certified check, sundry stamps and tips at the Registry).
Surveyor: $100 +, depending on the size of the property.
Title Insurance (optional): Approx. 1% of the insured value.
Incorporation (optional): $1400 + depending on the capitalization.
about 7% all together
All those numbers are a bit confusing. I still tried to calculate a rough percentage figure and came up with 7-7.5% of purchase price as closing cost?
Maybe a bit more if some financing is involved?
And even more if one wishes to involve own attorney?
That would be about twice as much as the closing cost for a rea estate transaction in the US...
One better reserves 10% for closing cost in DR?!
All those numbers are a bit confusing. I still tried to calculate a rough percentage figure and came up with 7-7.5% of purchase price as closing cost?
Maybe a bit more if some financing is involved?
And even more if one wishes to involve own attorney?
That would be about twice as much as the closing cost for a rea estate transaction in the US...
One better reserves 10% for closing cost in DR?!
10% would be too high.
Every buyer should ask his or her attorney for a detailed breakdown on the transfer expenses.
Many attorneys quote very low legal fees to get the client and then pad the transfer costs. Buyers beware. Demand transparency on the expenses.
Every buyer should ask his or her attorney for a detailed breakdown on the transfer expenses.
Many attorneys quote very low legal fees to get the client and then pad the transfer costs. Buyers beware. Demand transparency on the expenses.