Thinking about a Park City place in 84060 and wondering what you will actually bring to closing? You are not alone. Closing costs can feel opaque, especially when you compare an on‑mountain condo to an in‑town single‑family home. In this guide, you will get a clear, line‑by‑line look at where your money goes, how condos differ from homes, and realistic examples so you can plan your cash to close with confidence. Let’s dive in.
What closing costs include
Buyer closing costs are the third‑party fees, lender charges, prepaids, and any one‑time HOA or municipal items you pay to finalize the purchase. Your total cash to close is your down payment plus closing costs and prepaids/escrows.
For financed buyers in Park City’s 84060, non‑down‑payment closing costs typically run about 2% to 5% of the purchase price. Luxury purchases and resort condos can land toward the higher end because of larger appraisals, condo project reviews, HOA transfer items, and jumbo‑loan pricing.
Common buyer fees in 84060
Below are the categories you will likely see on your closing statement. Not every deal includes every item, but this gives you a realistic framework for Park City.
Loan and lender charges
- Origination or processing fees. Often quoted as points or a flat amount, set by the lender and loan program.
- Optional discount points. You can pay points to lower the interest rate. One point equals 1% of the loan amount.
- Credit report, underwriting, document prep. Modest flat fees that vary by lender.
- Appraisal. Luxury homes and resort condos often require higher‑cost appraisals due to complexity and limited comparable sales.
- Condo project review. Lenders commonly require a project questionnaire or review for condos. Resort associations can be more complex, which can increase the fee.
- Mortgage insurance if applicable. Depends on loan type and down payment.
- Jumbo‑loan requirements. Luxury buyers often use jumbo financing that can come with stricter underwriting, higher reserve requirements, and sometimes higher origination pricing.
Title and escrow services
- Title search and title insurance. A lender’s title policy is required on financed purchases. Buyers often purchase an owner’s policy as well. Title insurance is a one‑time premium that scales with price.
- Escrow or settlement fee. Covers coordination and disbursement of funds and is sometimes split between parties.
- Document prep and wire fees. Flat amounts for handling paperwork and funds.
Recording and government charges
- County recording fees. Small fixed fees to record the deed and mortgage documents.
- Transfer tax or documentary stamps. Rules vary by state and county. Confirm with the Summit County Recorder or your title company before you finalize your budget.
- Property tax proration. You typically reimburse the seller for taxes accrued during their period of ownership, based on Summit County’s tax calendar.
HOA and resort items
- HOA transfer or resale fee. Many Park City associations charge a fee to process a resale. The amount varies by community.
- HOA capital contribution or move‑in fee. Some associations collect a one‑time contribution at transfer, occasionally equal to a month of dues or a fixed amount.
- HOA document package. Fees to produce the resale package, estoppel letter, and financials. Complex resort associations can cost more.
- Prorated and prepaid dues. You may owe for your share of the current period and sometimes for upcoming months.
- Special assessments. Older or amenity‑rich projects may have assessments for major work. Review reserves and meeting minutes to spot any planned assessments.
Prepaids and escrow deposits
- Prepaid interest. Covers interest from your closing date to your first mortgage payment.
- Homeowners insurance. Lenders often collect the first year at closing plus an escrow cushion.
- Property tax escrow. Lenders commonly collect 2 to 6 months of taxes to start your escrow account.
- HOA escrow. Some lenders hold several months of dues for condo loans.
- Utilities or municipal prorations. Occasional adjustments for services tied to closing timing.
Other items to plan for
- Owner’s title policy. Local custom varies on who pays. Confirm early with your agent and title company.
- Remote signing costs. Out‑of‑state buyers may have added notarization or courier fees for remote closing.
Condo vs. in‑town homes
Resort condos often carry higher HOA dues and more complex documentation than detached homes in town. That complexity can increase closing costs through condo project reviews, HOA document fees, and potential capital contributions. In‑town single‑family homes may have fewer HOA‑related line items but could include different municipal or special district considerations that you should verify during due diligence.
Short‑term rentals and financing
If you plan to rent your property short‑term, factor in local licensing and registration needs and confirm whether the HOA permits short‑term rentals. Lenders may restrict or price loans differently for projects with a high share of rentals, which can influence your down payment, rate, and appraisal approach.
Appraisals in resort micro‑markets
On‑mountain condos and unique luxury homes can be difficult to appraise because comparable sales are limited and each building or neighborhood has its own micro‑market. Expect potentially higher appraisal fees and closer scrutiny. If an appraisal comes in low, you may need to adjust your down payment or renegotiate.
Estimate your cash to close
Use this simple worksheet to estimate what you will bring to the table. Your lender and title company will provide exact figures once you are under contract.
- Down payment: purchase price times your down payment percentage
- Less earnest money: credited at closing
- Loan charges: origination, discount points, credit report, underwriting
- Appraisal fee: higher for complex condos and luxury homes
- Title charges: lender’s policy, optional owner’s policy, title search
- Escrow or settlement fee: closing coordination and disbursement
- Recording fees: deed and mortgage documents
- HOA fees: transfer fee, resale package, capital contribution, prepaid dues
- Prepaids: mortgage interest to first payment
- Escrows: 2 to 6 months of property taxes, insurance, and possibly HOA dues
- Insurance: first year’s homeowners policy
- Miscellaneous: wire fees, remote notarization, condo project review
Example scenarios
Here are illustrative snapshots that show how costs can stack up. Exact numbers vary by property, lender, and HOA.
Scenario A — $1,000,000 purchase with 25% down
- Down payment: $250,000
- Closing costs and fees at 3%: $30,000
- Prepaids and escrows: $6,000
- Estimated cash to close before earnest money: about $286,000
- Notes: condo appraisal and review may be higher than average. HOA transfer fee could range from a few hundred to over a thousand dollars depending on the association.
Scenario B — $2,000,000 on‑mountain condo with 30% down
- Down payment: $600,000
- Closing costs and fees at 3.5%: $70,000
- Prepaids and escrows: $12,000
- Estimated cash to close: about $682,000
- Notes: jumbo loan with possible larger reserve requirements. Some HOAs collect a capital contribution or have special assessments that add several thousand dollars.
Scenario C — $1,500,000 cash purchase
- Purchase amount: $1,500,000
- Closing costs and fees at 1%: $15,000
- Prepaids and escrows: $8,000
- Estimated cash to close: about $1,523,000
- Notes: cash eliminates lender fees and the lender’s title policy. An owner’s title policy is still commonly recommended.
Earnest money and timing
Your earnest money deposit applies to your down payment at closing. Subtract it from the total cash to close when you plan your wire.
Negotiation strategies
Seller credits can reduce your out‑of‑pocket closing costs. You might request credits for lender fees, part of your closing costs, or HOA transfer fees. The best time to ask is with your initial offer or when you respond to inspection findings or appraisal outcomes. Make sure any credit is documented in the purchase contract and reflected on the closing statement.
Lender limits on concessions
Loan programs cap how much a seller can contribute toward a buyer’s costs, and the rules change based on property type and occupancy. Primary residences, second homes, and investment properties have different limits. Confirm your cap with your lender early so your offer strategy aligns with what is allowed.
Due diligence checklist
Before you write an offer, protect your budget and timeline with a few targeted requests.
- Order the HOA resale package, meeting minutes, and reserve study. Look for pending or planned special assessments.
- Ask for HOA financials and rental rules if you plan to operate short‑term rentals.
- Request itemized title and escrow estimates from a local title company and a Loan Estimate from your lender.
- Verify condo project eligibility and any appraisal complexities with your lender.
- Confirm local custom on who pays the owner’s title policy and any HOA transfer fees.
- Check the Summit County tax schedule and how proration will be calculated for your closing date.
- If you are closing from out of state, confirm remote notarization options and any added costs for shipping or notary services.
Timelines and logistics
Park City’s peak ski season is busy. Title companies, lenders, and HOA managers handle more volume, which can slow document turn times. If you are buying during a peak period, start your loan, appraisal, and HOA document requests as early as possible. If you will not be present at closing, arrange remote signing and wiring procedures with your title team a few weeks in advance.
Next steps
If you are comparing an on‑mountain condo with an in‑town home, lining up true apples‑to‑apples costs is the smartest first move. Start with your lender’s Loan Estimate, ask the HOA for transfer and document fees, and request a title fee quote. Then pressure‑test the numbers against the scenarios above.
When you are ready, connect with a local advisor who understands luxury resort properties, condo project nuances, and jumbo‑loan expectations. For a concierge, client‑first process tailored to Park City and the broader mountain West, reach out to Amelia Real Estate Co.. Let’s Chat.
FAQs
What are typical buyer closing costs in Park City 84060?
- For financed purchases, non‑down‑payment closing costs commonly total about 2% to 5% of the purchase price, with resort condos often on the higher end.
How do on‑mountain condo costs differ from in‑town homes?
- Condo buyers often see higher appraisal and condo review fees, HOA transfer or capital contributions, and more extensive document packages that increase closing costs.
Do I need extra cash for a jumbo loan in Park City?
- Many luxury buyers use jumbo financing, which can require larger down payments, liquid reserves, and sometimes higher origination pricing that increases cash to close.
Who pays the owner’s title policy and HOA transfer fee?
- Local custom varies by transaction; confirm early with your agent and title company so you know which party is expected to cover each item.
How are property taxes handled at closing in Summit County?
- You typically reimburse the seller for taxes accrued during their ownership period based on the county tax calendar, with your lender often collecting a tax escrow.
Can the seller cover some of my closing costs?
- Yes, but seller concessions are capped by loan type and occupancy; check limits with your lender before you write the offer.
I plan to do short‑term rentals. Will that affect my loan?
- It can. Some lenders restrict loans in projects with a high share of rentals, which can affect loan type, rate, and required down payment.
