ADVERTISING YOUR BUFFALO HOMEFINDER Who pays closing costs and how can you save money on closing costs? BY ERIK MARTIN If you're planning to purchase or sell a home, it's important to crunch the numbers and do the math. One crucial calculation you'll need to make concerns closing costs, which are due on the day you finalize the transaction. But what items are included in closing costs, how much can this set you back, who's responsible for paying these items, and can these expenses be minimized in any way? For all the facts, we rounded up three industry pros. Carl Holman, director of CommuniQ: What are closing costs, and how cation and Content for A&D Mortgage: much are these expenses? "Closing costs generally range from 2% Colten Claus, associate broker with to 5% of the home's purchase price. 8z Real Estate: "Closing costs are the For example, on a $300,000 home, fees and expenses incurred during the closing costs can be between $6,000 final stages of a real estate transaction. and $15,000. The total amount can vary These costs cover various services and based on factors like the location of the administrative tasks required to transfer property, type of loan, and specifics of ownership from the seller to the buyer. the transaction. Costs can also fluctuate They are paid at the closing meeting based on the services required, such when the property title is officially as legal fees or special inspections." transferred to the new owner." Continues on page H3 THIS WEEK'S Marrano Stonham Place Townhomes Williamsville Marrano Bush Meadows North Tonawanda Marrano Midtown Townhomes Cheektowaga/ Lancaster Marrano 23 Greenspring Court West Seneca S E E I N S I D E T H I S PAG E F O R M O R E I N F O R M AT I O N