Monday, August 16, 2010

Connecticut Ranked as One of the Least Expensive States for a Closing

Connecticut is close to being in the top-10 least expensive states in which to close on a home, according to a new survey.  The survey ranked Connecticut 39 nationwide in total closing costs. This is an improvement from the state's ranking as 24th most expensive in 2009, according to Bankrate.com. This year, those closing on a home in Connecticut can expect to pay $3,391.

This new survey contradicts the common belief that closing on a home is expensive in Connecticut because of the requirement that an attorney be involved to conduct the closing and to issue title insurance.  Title companies do not conduct closings in Connecticut, which is common in some other states, such as Florida.

The most expensive states to close on a home were New York, Texas and Utah, Bankrate.com said. The total costs for New York were $5,623.