Wondering how much cash you will need at closing beyond your down payment in Scituate? You are not alone. Between lender charges, title and attorney fees, prepaids, and coastal extras like flood insurance, the final number can feel confusing. This guide breaks down what buyer closing costs include in Massachusetts, what is different on the South Shore, and how to estimate your cash to close with confidence. Let’s dive in.
What closing costs include
Closing costs are separate from your down payment. In Massachusetts, you will typically see lender fees, title and attorney charges, inspection and appraisal costs, recording fees, and prepaid items like taxes and insurance. If you are buying a condo, plan for association document and transfer fees. Your exact total depends on your loan program, property type, and timing.
A common planning approach is to expect closing costs plus prepaids to equal a few percent of the purchase price. The best way to get your numbers is to compare lender Loan Estimates and confirm figures with your lender and closing attorney.
Lender fees and points
Your lender may charge an application, underwriting, and processing fee. You might also see an origination charge. These appear on your Loan Estimate and later on your Closing Disclosure. If you choose to buy discount points to lower your rate, you will pay those at closing and they increase your cash to close.
Appraisal and survey items
Most mortgages require an appraisal to confirm value. Appraisals typically cost a few hundred dollars and can be higher for complex coastal or condo properties. In some cases a survey, plot plan, or municipal certificate may be requested, which adds time and cost.
Home inspections
You choose and pay for your inspections. In Massachusetts, a general home inspection is common. If the property has septic, a Title 5 inspection is required at sale. Depending on the home, you may elect pest, chimney, roof, or environmental inspections. Each inspection is usually a few hundred dollars, with specialty inspections costing more.
Title search and title insurance
A title company or attorney will search the title and issue a commitment. Your lender requires a lender’s title insurance policy, which is paid at closing. You can also purchase an owner’s title policy. Who pays for the owner’s policy can vary by local custom and negotiation, so confirm with your attorney and in your contract.
Attorney and settlement fees
Massachusetts closings typically involve attorneys. Your attorney will review documents, address title issues, coordinate closing, and attend or conduct the signing. Fees are usually a flat amount and appear on your Closing Disclosure.
Recording fees and taxes
Plymouth County Registry of Deeds records the deed and mortgage. Recording charges are collected at closing and can include per-page fees and mortgage recording costs. Massachusetts has a state deed excise that is often paid by the seller, but verify the specifics on your transaction.
Prepaids and escrow reserves
Prepaids are a key part of your cash to close. You will often pay the first year of homeowners insurance at closing and an initial escrow deposit for taxes and insurance. Lenders commonly collect about two months of property taxes and insurance into escrow, depending on timing and lender rules. You will also prepay daily interest from your closing date to your first payment date.
Condo and HOA items
If you are buying a condominium, plan for a resale certificate, condo document package, and possible association transfer or move-in fees. Some charges are paid by the seller and some by the buyer. Your lender and attorney will review the association’s financials, reserves, and any special assessments.
Small but common fees
Expect smaller items such as a credit report fee, flood certification, courier and wire fees, and notary charges. These are typically modest but should be included in your estimate.
Required disclosures you will receive
You will receive a Loan Estimate within three business days of loan application. At least three business days before closing, you will receive a Closing Disclosure that lists your final costs and cash to close. Use these to verify every line item.
Scituate and coastal factors
Scituate’s coastal setting can affect both your costs and your monthly payments. Flood zones, insurance requirements, septic, and local permitting can add steps and fees. Here is what to consider early.
Flood insurance and elevation
Many Scituate properties sit in FEMA-mapped flood zones. Your lender will order a flood determination early in the process. If the property is in a special flood hazard area, flood insurance will be required, and the premium can be significant. Some insurers or lenders request an elevation certificate to determine accurate rates, which adds time and cost.
Septic and Title 5
If the home is on a septic system, Massachusetts requires a Title 5 inspection at time of sale. A passing report is typically needed, or the parties arrange repairs or an escrow if issues are found. Factor in inspection costs and plan for potential remediation if the report identifies deficiencies.
Conservation, seawalls, and permits
Waterfront and near-water properties can involve Conservation Commission oversight, wetlands setbacks, and permitting for seawalls or docks. If a property includes coastal structures, consider specialized inspections and a document review to confirm permits and condition, since these can affect title and insurability.
Coastal homeowners insurance
Homeowners insurance on the coast can carry higher deductibles for wind or hurricane and sometimes a separate wind policy. Some carriers limit coastal exposure. Build this into both your cash to close and long-term budget.
Utilities and municipal items
Verify whether the home is on municipal sewer or septic, and ask about any sewer connection or seasonal billing considerations. These details affect inspections, contingencies, and closing prorations.
Condos on the South Shore
Condominium purchases add a few unique closing items. The association usually charges for a resale packet and document delivery. Your lender will review the budget, reserves, and owner-occupancy ratios. If there are pending special assessments or low reserves, loan approval and timelines can be affected. You will also need an HO6 policy for interior coverage in addition to the master policy.
How to estimate cash to close
A clear framework helps you budget early and refine as you go. Use the loan documents and local quotes to dial in your number.
Simple formula
Cash to close = Down payment + Buyer-paid closing costs + Prepaids + Escrow reserves required by lender + Any points − Earnest money deposit − Seller or lender credits
Step-by-step plan
Start with the price and loan. Note your purchase price, down payment percentage, loan program, and whether you plan to pay points.
Compare Loan Estimates. Ask at least two lenders for a Loan Estimate. This shows origination charges, third-party fees, prepaids, and an estimated cash to close.
Add third-party fees. Include appraisal, credit report, title search and lender’s title policy, attorney or settlement fee, recording fees, inspections, flood certification, and condo document fees if applicable.
Include prepaids and reserves. Add your first-year homeowners insurance premium, tax prorations, daily interest to your first payment date, and initial escrow deposits for taxes and insurance.
Subtract credits and deposits. Deduct your earnest money already held in escrow and any agreed seller or lender credits.
Create a conservative range. For planning, many buyers use a range such as 2 to 5 percent of purchase price for closing costs and prepaids, then refine with the Loan Estimate and attorney quotes.
Plan for condos and coastal
If you are buying a condo, add expected association document fees and allow time for lender review of financials. If the home is near the water, add flood insurance premium estimates, and consider the cost and timing of a possible elevation certificate. These items can shift your cash to close and your monthly payment.
Timeline of costs
Understanding when money is due helps you avoid surprises.
Offer and deposit
Your earnest money deposit is paid shortly after your offer is accepted and is held in escrow. This amount reduces your final cash to close at settlement.
Loan and inspections
Within three business days of loan application, you receive a Loan Estimate. Appraisals are typically ordered after you have a signed contract. Inspection fees are usually paid at the time of service.
Pre-closing review
Title work, condo documents, and insurance are finalized before closing. Your Closing Disclosure arrives at least three business days before settlement. Review every line with your lender and attorney so there are no surprises.
Closing day
You wire or bring certified funds for the remaining cash to close, after accounting for deposits and credits. The deed and mortgage are recorded with Plymouth County Registry of Deeds.
Tips to avoid surprises
- Compare two lenders and look closely at origination, points, and prepaids. Small differences can add up.
- Verify flood zone status early and start insurance quotes right away if a special flood hazard area applies.
- If the home has septic, plan for Title 5 timing and potential escrow if repairs are needed.
- If buying a condo, request the resale packet promptly and ask your attorney to review for reserves and any special assessments.
- Ask your attorney who typically pays for the owner’s title policy in our area and confirm in your contract.
- Call the Scituate Assessor and Tax Collector for due dates and tax proration details, and confirm recording fees with Plymouth County Registry of Deeds.
Work with a local guide
Your closing costs do not have to be a mystery. With a clear estimate, the right local contacts, and early attention to coastal or condo specifics, you can plan your cash to close and move forward with confidence. If you want help building a tailored estimate for a Scituate property, reach out to a trusted South Shore advisor. Connect with Brita Sheehan to talk through your numbers, timelines, and next steps.
FAQs
How much should a Scituate buyer save beyond the down payment?
- Plan for closing costs and prepaids that often total roughly 2 to 5 percent of the purchase price, then refine using your lender’s Loan Estimate.
What buyer closing costs are most variable in Massachusetts?
- Lender fees, title and attorney charges, insurance premiums, and prepaids vary by lender, timing, and property; compare Loan Estimates and confirm with your closing attorney.
Who pays for the owner’s title insurance policy in Massachusetts?
- Local custom and negotiation determine this; in many transactions the seller pays, but practices differ, so confirm with your attorney and purchase contract.
How do coastal factors change my cash to close in Scituate?
- Flood insurance premiums, possible elevation certificates, and specialized inspections can increase costs and may affect your monthly payment and closing timeline.
Do condos have extra closing costs on the South Shore?
- Yes, expect condo document and transfer fees, plus lender and attorney review of association financials; these items add time and cost to closing.
When will I know my exact cash to close amount?
- Your Closing Disclosure, delivered at least three business days before settlement, lists the final numbers, including deposits and credits.
