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Ask Attyadvisor Your Own Question
Attyadvisor, Attorney
Category: Real Estate Law
Satisfied Customers: 7085
Experience:  29 years of experience in General Practice, Real Estate Law and Estate Law.
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I'm looking to buy a commercial building in Suffolk County

Customer Question

I'm looking to buy a commercial building in Suffolk County NY. I would like to know how much I can expect to pay for the closing cost and any other expenses related to the purchase.
Submitted: 2 years ago.
Category: Real Estate Law
Expert:  WiseOwl58 replied 2 years ago.
Generally the closing costs would be about 1% of the purchase price, not including any brokerage fees.
Customer: replied 2 years ago.

Can you give me a break down of the costs and what each item would cost. Lets say the property is $500000.

Expert:  WiseOwl58 replied 2 years ago.
Most of it is for title insurance, escrow agent fee relatively small. Please rate 4 or 5 and close out the question now.
Customer: replied 2 years ago.

I will not do that. You didn't answer my question fully and I'm not satisfied.

Expert:  Attyadvisor replied 2 years ago.
Hi I am a different attorney. Will you be taking out a loan for the purchase?
Customer: replied 2 years ago.

No loan

Expert:  Attyadvisor replied 2 years ago.
Cash deals are very low cost. since most of the closing costs are related to a loan. The remainder of the costs depend on the title insurance costs. In all reality since this is a cash deal you should be paying a fee to the title company for closing the transaction unless your contract stated you would pay for title insurance or other costs. Can attach a copy of your contract so I can see what you agreed to pay as closing costs as the purchaser? What type of property are you purchasing?