Traveling across the country in a small van

Congratulations! You are in the final stretch! However, the joy of finalizing the real estate deal brings with it the stress of financial planning. Closing costs in Maryland are a sum of expenses you should plan for when buying or selling a house. Key Takeaways

Closing costs or “settlement costs” are a set of final expenses paid for completing a real estate transaction. The seller and the buyer both pay closing costs in Maryland. The 3 major Seller Closing Costs in Maryland are:

1. REALTOR Fee

2. Recording Fee

3. Escrow Fee

The 3 major Buyer Closing Costs in Maryland are:

1. Loan Origination Fee

2. Escrow or Impound Account

3. Appraisal Fee

In Maryland, real estate transactions are usually closed by attorneys or title companies.

Do you pay a real estate agent if you are the buyer?

If you’re wondering whether you need a Realtor to buy a home, the short answer is no. You might be hesitating to work with one because you don’t want to be saddled with Realtor fees, but typically, buyers don’t pay a real estate agent’s commission — sellers do.

What fee do most realtors charge?

Average real estate commissions by state – Overall, the national average Realtor commission in 2022 was 5.37 percent, according to data from Clever, an online real estate agent network. In most states, the commission ranged between 5 and 6 percent. But in states like California and Massachusetts, where expensive properties abound, the commission was typically under 5 percent.

Irving S. Martin