Hey friend! Closing in Philly can be a bit pricier than elsewhere because of our hefty transfer tax. Since you're looking at a $205,000 property, you need to budget for the 4.278% Realty Transfer Tax, which is usually split 50/50 between you and the seller.
You’re looking at roughly $7,000 to $9,000 in total buyer-side closing costs for a cash deal. If you're financing, expect to add another 1-2% of the loan amount for lender fees. Philadelphia’s specific tax rules make this one of the more expensive counties for transfers, so keep that extra cash ready!
| Closing Expense | Estimated Total |
| :--- | :--- |
| Transfer Tax (Your 2.139% share) | $4,385 |
| Title Insurance (PA State Rate) | ~$1,750 |
| Recording & Notary Fees | ~$450 |
| Pro-rated Property Taxes | ~$500 |
| Total Estimated (Cash Buyer) | ~$7,085 |
Remember, the transfer tax is based on the final sale price. If you manage to negotiate that $205,000 list price down further, your tax bill drops too. Always shop around for title companies to see if you can shave a few bucks off those administrative fees!
2413 Cecil B Moore Ave, Philadelphia Investment Report: Flip & Rental Analysis · Frontflip