The total cost of selling land by owner (FSBO) in Minnesota depends on several factors, including the value of the property, the complexity of the transaction, and whether you choose to engage the services of a real estate attorney. However, as a general guideline, you can expect to pay between 2% and 5% of the sale price in closing costs.
Here is a breakdown of the average closing costs for selling land by owner in Minnesota:
- Transfer tax: 0.75% of the sale price
- Title insurance: $300 to $500
- Recording fees: $20 to $35
- Attorney fees (if using an attorney): $500 to $1,000
In addition to these closing costs, you may also need to pay for marketing expenses, such as advertising and photography.
How much is closing cost in Minnesota? Closing costs in Minnesota typically range from 2% to 5% of the sale price of the property. These costs cover various expenses associated with finalizing the sale, such as transfer taxes, title insurance, recording fees, and attorney fees.
Here is a breakdown of the average closing costs in Minnesota:
- Transfer tax: 0.75% of the sale price
- Title insurance: $300 to $500
- Recording fees: $20 to $35
- Attorney fees (if using an attorney): $500 to $1,000
Please note that these are just averages, and your actual closing costs may vary depending on several factors. It is best to consult with an experienced real estate attorney or title company to get a more accurate estimate of your closing costs.