Buying a home in Greensburg’s 15601 ZIP and wondering how much cash you’ll need at closing? You’re not alone. Closing costs can be confusing, especially with Pennsylvania’s transfer taxes and local customs. This guide breaks it all down in plain language so you know what to expect, what to ask, and when to ask it. You’ll see typical cost ranges, a simple timeline, and a checklist tailored to 15601. Let’s dive in.
Closing costs in 15601: what they cover
Closing costs are the fees and prepaid items you pay to finalize your home purchase and loan. They are separate from your down payment. As a rule of thumb, buyers in Pennsylvania often pay about 2% to 5% of the purchase price in closing costs. Your exact amount depends on your loan program, local taxes, whether you buy mortgage points, and any seller concessions.
Your lender will provide a Loan Estimate early in the process and a final Closing Disclosure at least 3 business days before settlement. These documents list your expected and final closing costs. If anything looks off, ask your lender or title company to explain the differences.
Typical buyer fees in Pennsylvania
Below are the common items you may see at closing. For each, you’ll find what it is, who usually pays, and who to ask for an estimate.
- Loan origination fee or lender fees: The lender’s charge to process your loan. Buyer usually pays. Ask your lender for the exact fee, whether it is negotiable, and if it can be rolled into the loan.
- Mortgage points: Optional upfront fees that reduce your interest rate. Buyer pays if chosen. Ask your lender for the cost, long-term savings, and breakeven timeline.
- Appraisal: A professional opinion of value required by most lenders. Buyer typically pays. Ask your lender for the expected cost and turnaround.
- Credit report fee: The cost to pull your credit for underwriting. Buyer pays. Ask your lender how much and where it appears on your Loan Estimate.
- Title search and title insurance: The title search confirms ownership history. Title insurance protects against covered title defects. The lender’s policy is generally paid by the buyer. The owner’s policy is common but negotiable and may be paid by either party depending on local custom. Ask your title company for premiums and what is typical in Greensburg and Westmoreland County.
- Settlement or closing fee: The fee charged by the settlement agent to conduct closing and prepare documents. Payment can vary by local custom. Ask your title company for an itemized list of settlement charges.
- Recording fees and transfer taxes: Recording fees cover filing the deed and mortgage with the county. Pennsylvania realty transfer tax applies, and there may be county or municipal portions. Who pays is negotiable and often based on local custom or your contract. Ask your title company and the Westmoreland County Recorder of Deeds for the exact recording schedule and the correct transfer tax for your 15601 property.
- Prorated property taxes: Settlement adjusts taxes so each party pays their share based on the closing date. Buyer typically reimburses the seller for prepaid periods as needed. Ask your title company how prorations are calculated.
- Prepaid items and escrow deposits: Lenders often collect initial deposits for your property tax and insurance escrow, plus daily interest from closing to your first payment. Buyer pays. Ask your lender how many months of taxes and insurance are required and how daily interest is calculated.
- Homeowners insurance premium: Lenders require proof of active coverage. You might pay the first year’s premium or an initial payment at closing. Buyer pays. Ask your insurer and lender what is required and by when.
- HOA or condo transfer fees: If the property is in an association, there may be transfer fees or resale certificates. Payment varies by association and contract. Ask the HOA and title company if any fees apply.
- Survey or inspections: Home inspection, termite or pest, septic and well, lead paint for pre-1978 homes, and radon are common in parts of Pennsylvania. Buyer typically pays. Ask your agent which inspections are recommended in 15601 and typical local costs.
- Miscellaneous fees: Small items like courier, wire, or notary fees may appear on your closing statement. Ask your title company for an estimate.
What’s unique in Greensburg and Westmoreland County
- Transfer tax and recording: Pennsylvania charges a realty transfer tax, and county or municipal portions may add to it. Recording fees are set by Westmoreland County and vary by document. Avoid guessing. Ask your title company for the exact transfer tax calculation and recording charges for your specific 15601 property, and you may confirm recording schedules with the county.
- Title insurance customs: In Pennsylvania, who pays the owner’s title policy is often set by local custom and is negotiable. The lender’s policy is generally a buyer expense. Your title company can confirm typical practice in Greensburg.
- Property taxes: Taxes are set and collected locally, and prorations are standard at settlement. Ask your title company to calculate prorations and confirm any school district rates that affect your escrow.
- Older-home inspections: Many Greensburg homes are older. Consider inspections for lead paint in pre-1978 homes, radon, and condition of major systems. Ask your agent for a recommended inspection list for 15601.
- HOA or municipal requirements: Some communities or associations require specific transfer documents or certificates. Your title company and HOA can advise on any required items.
How much you might pay: examples
Use these examples as illustrative estimates. Your numbers will depend on your loan, the property, transfer taxes, and any seller credits.
Example A: $200,000 purchase price
- Estimated closing costs at 2% to 4%: about $4,000 to $8,000.
- Possible breakdown: lender, title, appraisal, credit, and recording fees could range from $2,000 to $4,000. Prepaid escrows for taxes and insurance might add $1,500 to $3,500. Optional points or an owner’s title policy would be additional.
Example B: $300,000 purchase price
- Estimated closing costs at 2% to 4%: about $6,000 to $12,000.
- If you choose to buy one point at 1% of the loan amount or your lender requires a larger escrow, your cash to close could be higher. Transfer taxes and local fees also affect the total.
Remember, seller concessions can reduce your out-of-pocket costs. Your lender’s Loan Estimate and Closing Disclosure will give you the most accurate picture as you approach settlement.
Your closing timeline in Pennsylvania
- 30 to 45 days before closing: Apply for your mortgage. Within 3 business days of your application, your lender must send a Loan Estimate with projected closing costs.
- 15 to 30 days before closing: Inspections, appraisal, and title work are completed. Respond quickly to any lender requests to keep the timeline on track.
- 3 business days before closing: You receive your Closing Disclosure. Compare it with your Loan Estimate. If something looks different, contact your lender and title company right away.
- Closing day: Bring your ID and certified funds or wire as instructed. You will review and sign your loan documents and final settlement statement. After signing, the title company records your documents and the transaction funds.
What to bring on closing day
- Government photo ID.
- Certified check or proof of wired funds for your cash to close. Call the title company to confirm wiring instructions using a trusted phone number.
- Homeowners insurance declarations page with effective date.
- Any outstanding documents requested by your lender or title company.
- Contact list for your lender and title company, and a way to take notes.
Wiring safety and fraud prevention
- Do not rely only on email for wiring instructions. Call the title company using a known phone number from your contract or their official website.
- Be cautious if you receive last-minute changes to wiring instructions. Verify by phone before sending funds.
- Never share sensitive financial data over unsecured networks. When in doubt, ask your title company to walk you through the process.
Who to ask and when
- Ask your lender: Origination fees, discount points, appraisal cost, required escrow deposits, prepaid interest, estimated cash to close, and how your Closing Disclosure will be delivered.
- Ask your title or settlement company: Title search results, title insurance premiums for lender and owner policies, settlement fee, Westmoreland County recording fees, Pennsylvania transfer tax calculations for your 15601 property, and tax prorations.
- Ask your agent: Local custom on who pays the owner’s title policy, common seller concessions in Greensburg, recommended inspectors for older homes, and HOA or municipal contacts if needed.
- Ask Westmoreland County: Current recording schedules and document standards. Your title company will often confirm this for you.
Final thoughts
Closing costs do not have to be a mystery. Start with the 2% to 5% range, then refine your numbers with a Loan Estimate from your lender and an itemized quote from your title company. Keep an eye on the Closing Disclosure and speak up quickly if anything changes. With the right plan, you can feel confident on closing day.
If you’d like local guidance tailored to Greensburg and the 15601 market, reach out to Donna Tidwell, Berkshire Hathaway for step-by-step support from contract to keys.
FAQs
Who pays closing costs in Pennsylvania home sales?
- It depends on local custom and your contract. Buyers typically pay lender fees, escrow deposits, and insurance, while items like transfer tax or an owner’s title policy can be negotiated.
How much cash should I plan for closing in 15601?
- A common starting point is 2% to 5% of the purchase price plus your down payment. Your Closing Disclosure will show the exact amount at least 3 business days before settlement.
Can a seller help pay my closing costs?
- Yes. Seller concessions are negotiable and common. Your loan program may cap the percentage allowed, so ask your lender for limits.
What documents will I receive before closing?
- Your lender provides a Loan Estimate within 3 business days of application and a Closing Disclosure at least 3 business days before closing. Compare them and ask about any differences.
Are there county-specific fees for Greensburg, PA 15601?
- Recording fees and transfer tax apply in Pennsylvania and can vary locally. Have your title company calculate the exact amounts for your property in Westmoreland County.
