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Closing Costs
There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.
As I negotiate the sales contract for you, I will not only work to get the sales price you want, I will also work to limit the number of closing costs for which you will be responsible.
I will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.
Good Faith Estimate
Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.
Standard Closing Costs
Loan-Related Costs
- Loan Origination Fee
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Taxes
- Property Taxes
- Transfer Taxes and Recording Fees
Insurance
- Homeowners Insurance
- Flood or Quake Insurance
- Private Mortgage Insurance (PMI)
- Title Insurance
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Upon closing the sale or rental of real property, additional costs may be demanded from the Buyer and/or the Seller in the form of Closing Costs.
The following is a list of the known major Closing Cost items typically charged to the Buyer:
· Attorney’s Fee
· Abstract Charges
· Hazard/Flood Insurance
· Settlement/Closing Fees
· Escrow Fees
· Recording Fees
· Survey Charges
· Mortgage Transfer Fee
· Lender Service Fees
· Discount points
· Endorsement Fees
· Intangible Tax
· Prepaid Escrows
· Inspection Costs
· Homeowners Assoc Fees
· Prepaid Interest
· Condo/Coop assn Fees
· Tax pro-rations
· Processing Fees
· Maintenance Pro-rations
· Shipping Fees
· Transaction Fees
The following is a list of the known major Closing Cost items typically charged to the Seller:
· Real Estate Taxes
· Settlement/Closing Fees
· Documentary Stamps
· Recording Fees
· Condo Docs/Estoppels
· Transaction Fees
· Abstract Fees
· Tax Pro-rations
· Maintenance Pro-rations
· Pre-payment Penalties
· Assessments
· Real Estate Brokerage Fees
· Processing Fees
· Attorney’s Fees
· Doc Prep fees
· Shipping Fees
· Mortgage Payoffs
· Lien/judgments payoffs
· Maintenance Fees
· Past Due Property Taxes
· Property repairs
Not all of these costs will apply in every transaction. Consult with your real estate/mortgage /title companies to determine which will apply to your transaction.
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