Closing costs in Utah typically range from 2% to 5% of the sale price of the property for both buyers and sellers. These costs cover various expenses associated with finalizing the sale, such as:
- Transfer tax (buyer or seller, depending on negotiation): Varies by jurisdiction
- Title insurance: $300 to $400 (buyer)
- Recording fees: $20 to $35 (buyer)
- Attorney fees (optional): $500 to $1,500 (either party)
- Other fees: Inspections, surveys, loan origination, etc. (variable)
The specific closing costs will vary depending on the individual transaction and the services used. It is always recommended to obtain accurate estimates from relevant professionals, such as title companies and real estate attorneys, for your specific case.
I hope this information provides a comprehensive overview of selling land in Utah, including transfer tax responsibility, FSBO costs, and general closing cost ranges. Remember, consulting with qualified professionals can help navigate the process smoothly and minimize potential complications.