How buyers and sellers in downtown Boston split the closing costs pertinent to the sale of luxury real estate is ultimately decided in the Purchase & Sales contract (P&S)itself, but this blog post details how they are typically split for the sale of Midtown, Beacon Hill or any condo sale in Massachusetts.
Generally speaking, a buyer can expect that closing costs will run anywhere from 1% to 3% of the purchase price, the major variable being the loan points charged, if any, by their lender. Other than loan-related fees, the big costs for buyers are for escrow fees and title insurance, home inspections, condo fees, insurance and property tax pro-rations.
For sellers, closing costs usually run in the range of 6% to 8% of the sales price, not including loan pay-off and any home preparation or repair costs. Typically, the largest seller costs are brokerage commissions and transfer taxes.