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After the inspection contingency is removed, there is typically 4-6 weeks until the closing happens. During this time, several things happen. The loan process will get underway, and the first thing to happen here is the appraisal. The appraisal is usually scheduled in the next 3-5 days.

The closing statement typically lists fees in two columns, one detailing the buyer's expenses and one detailing the seller's expenses. The amount of cash the buyer must give the seller has its own entry at the bottom of the document.

The closing cost in Minnesota for buyers is approximately 2%?5% of the home's agreement value. While the sellers are expected to pay around 6?10% of the home's purchase price, including the realtor fee.

Sellers and buyers both pay closing costs in MN but this is negotiable. A seller can offer to pay off the expenses as an incentive to buyers, which is a popular strategy in a buyer's market. Both parties have to bear separate expenses and you can discuss the matter with your real estate agent to know more.

Minnesota closing costs can typically add up to 7% of the sales price. As the homeowner/seller, you can anticipate paying anywhere between 1% to 3% in closing costs. On the other hand, the buyer usually gets the bulk of the closing costs, spending close to 3% to 4%. But don't get too excited about paying less.

Preliminary Closing Statement means the statement reflecting the Assets and Liabilities as of the end of the third (3rd) Business Day prior to the Closing Date, which statement shall be prepared by Seller, in consultation with Purchaser, substantially in the format of Schedule 1.6.