There is no clear-cut answer to this question. First off, every law firm categorizes closing costs differently, so it’s hard to compare estimates from one lawyer to the next. For instance, some firms lump excise taxes and past-due property taxes into the closing costs, while others list them in a different category.
Also, be aware that there’s a difference between buyer closing costs and seller closing costs. For instance, buyers pay for attorney’s fees, title searches, title insurance, recording fees, and more. Seller closing costs include document preparation, mortgage cancellation fees, county taxes, unpaid property taxes, and more.
The best way to tell how much you will owe at closing is to review the fee schedule your attorney sends over. Be wary of hidden fees, such as extra charges for wire transfers, title searches, or hourly work that goes above and beyond the scope of a basic closing. Ask about these fees upfront to make sure you don’t end up with any surprises on closing day.