Buying in Old Fourth Ward and wondering how much cash you need beyond your down payment? You are not alone. Closing costs can feel confusing, especially when condos, lofts, and historic single-family homes each come with different fees. In this guide, you’ll see what buyer closing costs typically include in Atlanta, how much to budget, who usually pays what in Georgia, and practical ways to reduce your cash to close. Let’s dive in.
How much to budget
Plan for buyer closing costs of about 2% to 5% of the purchase price, not including your down payment. In Old Fourth Ward, your total will usually fall within that range. The mix of fees may differ if you are buying a condo or loft with an HOA versus a single-family home.
Your final number depends on your loan program, lender fees, prepaids for taxes and insurance, HOA items, and what you negotiate with the seller. Your lender’s Loan Estimate will give you the most accurate figure once you are under contract.
What closing costs cover
Closing costs are a mix of lender fees, third-party services, title and recording charges, and prepaids. Here are the most common items you may see on an Atlanta buyer’s closing statement:
Lender and appraisal
- Loan origination, processing, underwriting: Typically $0 to $2,000 depending on the lender.
- Discount points: Optional prepaid interest to lower your rate, often 0% to 3% of the loan amount if you choose to buy down the rate.
- Appraisal: Often $400 to $900 in the Atlanta metro, depending on property complexity.
Inspections and survey
- Home inspection: General inspection typically $300 to $600. Specialty inspections such as termite, roof, HVAC, or sewer scope often range from $100 to $500 each.
- Survey: Common for single-family homes and lots, typically $300 to $1,000. Condos often do not require a survey.
Title, recording, and taxes
- Title search and title insurance: Buyers in Georgia typically pay the lender’s title policy and related fees. The seller commonly pays the owner’s policy, but this is negotiable. Exact premiums scale with price.
- Recording and county fees: Fulton County charges to record the deed and mortgage. Georgia also assesses mortgage-related intangible tax and deed recording fees. Expect a few hundred dollars depending on documents recorded.
- Property tax prorations: Taxes are prorated based on the closing date and the latest tax bill.
Prepaids and escrow
- Homeowner’s insurance: You often prepay the first year at closing.
- Prepaid interest: Covers the period from closing to your first mortgage payment.
- Escrow deposits: Initial reserves for taxes and insurance that your lender will hold and pay when due. This can range from a few hundred to several thousand dollars based on tax and insurance amounts.
HOA and condo items
- Estoppel and transfer fees: Often $100 to $400 for estoppel letters and $100 to $500 or more for transfer or move-in fees. Some associations collect a capital contribution or require part of the dues up front.
- Who pays can vary. Some fees are commonly covered by the seller, but the contract controls.
Program-specific fees
- FHA: Upfront mortgage insurance premium is typically 1.75% of the loan amount. Many buyers finance this into the loan rather than pay it in cash.
- VA: A funding fee applies based on down payment and eligibility and can often be financed.
Miscellaneous
- Settlement, notary, courier, and wire fees: Often total $100 to $500.
Who pays what in Georgia
Georgia has local customs, but everything is negotiable. Typical practices in Atlanta include:
- Common seller-paid items: Real estate commission, owner’s title insurance policy, and prorated property taxes for the seller’s period of ownership. Sellers may also cover some HOA transfer or estoppel fees and certain closing costs required to clear title, depending on the contract.
- Common buyer-paid items: Lender fees, appraisal, inspections, survey if needed, lender’s title insurance policy, recording fees related to the mortgage, prepaids for insurance and taxes, and HOA dues starting on or after closing.
Always confirm who pays what in your purchase and sale agreement. Market conditions and negotiation strategy can shift these allocations.
Condo and loft vs single-family costs
Old Fourth Ward has a healthy mix of condo towers, authentic warehouse lofts, and historic single-family homes. That variety affects your closing budget:
- Condos and lofts: Expect HOA-related items such as estoppel letters, transfer and move-in fees, capital contributions, and condo document requests. Add-on costs can total $200 to $1,500 or more. Lender condo approvals and mixed-use buildings can also add minor admin fees or extra review steps.
- Single-family homes: You are more likely to pay for a survey and additional inspections like termite, sewer scope, or roof evaluations. Surveys commonly run $300 to $1,000, and extra inspections can add $300 to $1,000.
If you are considering a loft, confirm whether it is legally a condominium. Legal ownership type dictates many closing requirements.
Ways to reduce your cash to close
You can use several levers to lower the amount you bring to the table:
- Seller credits: Ask the seller to cover a portion of your costs. Lender rules limit credits based on loan type and down payment. FHA commonly allows up to 6% in concessions. Conventional loans have tiered limits tied to your down payment size. VA allows certain seller-paid costs and concessions, with program limits.
- Finance allowable fees: Some costs, like FHA’s upfront mortgage insurance premium, can be financed into the loan. Your lender can confirm which fees are eligible and which must be paid at closing.
- Repair credits: Instead of requesting repairs, ask for a closing cost credit that reduces your cash to close. Credits must follow lender rules.
- Shop your loan: Different lenders structure fees and rates differently. Compare your Loan Estimates early.
Smart budgeting checklist
Use this quick list when you are getting ready to write an offer in Old Fourth Ward:
- Confirm your lender’s estimated closing costs and prepaids with a current Loan Estimate.
- Ask which items are commonly paid by sellers locally, such as the owner’s title policy or certain HOA fees, and reflect that in your offer.
- For condos and lofts, request the HOA’s estoppel and transfer fee amounts, current dues, and whether there are special assessments or reserve shortfalls.
- Budget for inspections, potential survey, initial escrow reserves, and immediate post-closing needs like moving and basic upgrades.
Example buyer scenarios
- $500,000 condo purchase, conventional loan: Using the 2% to 4% guide, estimate $10,000 to $20,000 for closing costs. This range would include lender and title fees, prepaids, and typical HOA estoppel or transfer fees.
- $800,000 single-family home in Old Fourth Ward: Using the 2% to 4% guide, estimate $16,000 to $32,000. Costs may trend higher if you add a survey and multiple specialty inspections.
These examples are planning tools. Your exact figures will come from your lender and the title company once you are under contract.
What to verify and when
- Within 3 business days of loan application: Your lender provides a Loan Estimate that details projected closing costs and cash to close.
- During due diligence: Confirm HOA fees, transfer charges, and any capital contributions for condos and lofts. Decide on inspections and a survey.
- Before closing: Review your Closing Disclosure for the final breakdown of credits, prepaids, and who pays what.
Ready to buy with confidence
Buying in Old Fourth Ward should feel exciting, not overwhelming. With a clear plan, you can anticipate your closing costs, negotiate smart credits, and focus on the home that fits your lifestyle. If you want a discreet, step-by-step strategy tailored to your purchase and loan, connect with a local expert who navigates these details every day.
For a precise estimate and a smooth path to the closing table, reach out to Brandi Hunter-Lewis to schedule a confidential consultation.
FAQs
What are typical buyer closing costs in Atlanta’s Old Fourth Ward?
- Plan for 2% to 5% of the purchase price, with the mix of fees shaped by your loan, property type, and negotiated credits.
Who usually pays the owner’s title policy in Georgia?
- It is commonly paid by the seller in Georgia, but this is a custom and fully negotiable in your contract.
How do condo or loft closings differ from single-family homes?
- Condos and lofts often include HOA estoppel, transfer, and move-in fees, while single-family purchases more often include a survey and additional inspections.
Can the seller pay my closing costs in Atlanta?
- Yes, you can request seller credits, but your loan program sets limits on how much the seller can contribute.
What prepaid costs should I expect at closing?
- Expect prepaid homeowner’s insurance, prepaid interest from closing to your first payment, and initial escrow deposits for taxes and insurance.
Are inspections part of closing costs?
- Yes, inspection fees are part of your overall purchase costs, typically including a general inspection and optional specialty inspections.
When will I know my exact cash to close?
- Your lender’s Loan Estimate provides an early projection, and your Closing Disclosure before settlement shows the final amount.
