Buying or selling a luxury condo in Midtown Atlanta and wondering what you will actually pay at the closing table? You are not alone. Closing costs can feel opaque, especially with high-rise HOA rules and Georgia’s state-specific taxes. In this guide, you will learn what buyers and sellers typically cover, Midtown condo fees to expect, timing tips, and where you can negotiate to protect your bottom line. Let’s dive in.
What closing costs cover
Closing costs include the services, taxes, and prepaid items required to transfer ownership and fund a loan. In Georgia, it is common that the seller pays for the owner’s title insurance policy and real estate commission, while the buyer covers lender-related fees, the Georgia mortgage intangible tax, and most recording and prepaids. Exact responsibilities are set by the purchase contract, the title company, the lender, and your HOA. For Midtown high-rises, plan for a few condo-specific line items that do not apply to single-family homes.
Buyer closing costs in Midtown
Lender and loan fees
If you are financing, expect lender origination, processing, and underwriting fees that often total 0.5% to 1% of the loan amount, or a set amount between about $500 and $3,000 or more depending on the lender and whether you use jumbo financing. Appraisals for high-rise condos are commonly $500 to $1,500, with complex or high-value units at the higher end. Smaller items such as credit reports, flood certification, wire and courier fees typically add $50 to $400.
Georgia intangible tax
The Georgia mortgage intangible tax is a one-time state tax of 0.5% of your loan amount, collected when the mortgage is recorded. For example, a $640,000 loan would incur about $3,200. Buyers usually pay this tax at closing.
Title and recording
Buyers typically pay for the lender’s title insurance policy and title search. Recording fees for Fulton County filings are usually tens to a few hundred dollars per document, depending on page count and type. The title or settlement agent will itemize these costs on your closing statement.
Condo and HOA items
Plan for an HOA estoppel or resale certificate that verifies dues status and any assessments. Typical ranges are roughly $100 to $400, more for rush service or extra documents. Some buildings charge a transfer fee and a one-time capital contribution or resale fee, which can vary from nominal amounts up to several thousand dollars. Lenders often require a condo questionnaire; management companies may charge about $100 to $500 to complete it.
Prepaids and escrow
You will likely prepay the first year of condo unit owner insurance, prepaid mortgage interest from funding through month-end, and initial escrow deposits for taxes and insurance. Property taxes and monthly HOA dues are prorated at closing based on the closing date and the county’s billing cycle.
Seller closing costs in Midtown
Commission and title policy
The largest seller expense is usually the real estate commission, commonly 5% to 6% of the sale price, split according to the listing agreement. In many Georgia transactions, the seller pays for the owner’s title insurance policy, though this is negotiable.
HOA and prorations
Sellers pay any outstanding HOA assessments or dues through the closing date and may owe association transfer or administrative fees depending on the building’s rules. Property taxes and HOA dues are prorated on the settlement statement. If you have a mortgage, your payoff will be calculated to the day of closing.
Seller concessions
As part of negotiations, a seller can agree to contribute toward a buyer’s closing costs. Any concessions must comply with lender guidelines and be written into the contract.
Condo-specific fees to expect
Midtown high-rises often add a few unique items:
- Estoppel or resale certificate that confirms dues and assessment status, often $100 to $400. Turnaround is commonly 5 to 15 business days.
- Transfer fees that range from a nominal amount to several hundred dollars, and capital contribution or resale fees that can be $0 to $2,000 or more.
- Move-in or move-out and elevator reservations, usually $100 to $500, plus refundable damage deposits that can be $250 to $1,500.
- Condo questionnaires for lenders at about $100 to $500.
- Special assessments that may be due at closing or later. Confirm whether any are pending or planned.
- Rental caps, owner-occupancy rules, or board approval processes that can add time and cost.
Typical totals and an example
Rules of thumb can help you plan. Buyer closing costs, excluding the down payment, often range from about 2% to 5% of the purchase price. For luxury condos with jumbo financing, appraisal and lender fees can push that higher. Seller costs, excluding the mortgage payoff, are often 1% to 3% plus the real estate commission, which commonly totals 5% to 6% of the sale price.
Here is an illustrative Midtown example for context:
- Sale price: $800,000
- Buyer estimate: $12,000 to $22,000, including lender fees and points, appraisal, Georgia intangible tax at 0.5% of the loan, lender’s title policy and title search, HOA documents and questionnaires, prepaids and escrow, and recording and courier fees.
- Seller estimate: $50,000 to $56,000 or more, including a 6% commission, owner’s title policy, HOA transfer or resale fees or assessments, and prorations.
Your actual numbers will depend on your building’s governing documents, your lender program, Fulton County fee schedules, and the timing of your closing. Ask your title company, lender, and HOA for itemized figures before you finalize your contract.
What you can negotiate
You have more control than you might think. Here are common levers:
- Who pays for the owner’s title insurance policy. In Georgia it is often the seller, but it is negotiable.
- Seller concessions toward buyer closing costs, subject to lender limits.
- Allocation of HOA transfer fees, estoppel costs, or move-in fees.
- Responsibility for any special assessments identified in the estoppel.
- Closing date selection to optimize tax and HOA proration.
- Financing route if the building’s condo profile affects loan options.
Timing and how to avoid delays
Midtown condo closings can stall if key documents take time. Estoppel certificates and condo questionnaires often take 5 to 15 business days. Some buildings require application reviews or board approvals that can add days or weeks. Move-in calendars and elevator reservations fill quickly, especially at month-end. If the condo’s documents show high investor ratios, pending litigation, or low reserves, your lender may request extra documentation or change the loan terms.
Start early with the HOA, set a realistic closing date with your lender, and schedule your move-in slot as soon as your closing window is clear.
Quick checklists
Buyer checklist
- Request your Loan Estimate and ask the lender to explain all fees, including the 0.5% Georgia intangible tax.
- Confirm HOA estoppel, transfer fees, condo questionnaire cost, move-in fees, and any refundable deposits with management.
- Ask the title company for a detailed quote for lender’s title policy, search, recording, and settlement fees.
- Verify whether any special assessments are outstanding or planned and how responsibility will be allocated in the contract.
- Plan for prepaids: insurance, prepaid interest, and initial escrow.
Seller checklist
- Review HOA requirements for resale, including transfer fees, estoppel timing, and move-out procedures.
- Confirm whether you are paying for the owner’s title insurance policy and how commissions are structured.
- Gather payoff information for your mortgage and any liens or assessments.
- Decide in advance whether you are willing to contribute toward buyer closing costs.
- Choose a closing date that aligns with tax and HOA billing cycles to optimize prorations.
Plan your next step
Midtown condo closings reward preparation. When you know what each line item covers, which fees are unique to your building, and where you can negotiate, you reduce stress and keep more of your proceeds. If you want a calm, concierge process from offer through move-in scheduling, partner with a seasoned Midtown advisor.
For tailored guidance on your condo and your goals, connect with Josephine Traina to Book Your 15-30 Minute Consultation. A portion of every closing supports local housing initiatives, so your move makes a difference.
FAQs
How much are buyer closing costs for Midtown condos?
- Buyer closing costs often total about 2% to 5% of the purchase price, with higher totals possible for jumbo financing.
Who pays for the owner’s title insurance in Georgia condo sales?
- It is common for the seller to pay for the owner’s title insurance policy in Georgia, but it can be negotiated in the contract.
What is Georgia’s mortgage intangible tax for condos in Fulton County?
- It is a one-time tax equal to 0.5% of the new mortgage amount, typically paid by the buyer when the loan is recorded.
What HOA fees should Midtown high-rise buyers expect at closing?
- Expect estoppel $100 to $400, transfer fees that can range from nominal to several hundred, possible capital contributions up to a few thousand, move-in reservations $100 to $500, refundable deposits $250 to $1,500, and condo questionnaires $100 to $500.
Can Midtown condo sellers pay a buyer’s closing costs?
- Yes, sellers can agree to contribute toward buyer closing costs, subject to lender limits and written into the contract.
How are Fulton County property taxes and HOA dues prorated at closing?
- Taxes and dues are prorated based on the closing date and local billing cycles; your title company will apply the current county schedules.
Will special assessments impact my Midtown condo closing?
- Yes, outstanding or planned assessments should be disclosed in the estoppel; buyer and seller can negotiate who pays and when.
