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Why are some real estate costs based on the price?
Asked by crazyguy (3207)
November 25th, 2020
Examples are real estate commissions and escrow costs. Other than liability insurance, which is a very small part of the expenses, costs are independent of the value of the transaction. Yet it is not unusual to find escrow companies demanding $4 per thousand of the transaction amount (for buyer and seller) and real estate agents demanding 2.5–3% of the sales price.
Just those two costs form a big part of a seller’s closing costs.
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