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What Not to Overlook on a Final Walk-through
Common Closing Costs for Buyers
What to Keep From Your Closing
Common Closing Costs for Buyers  

The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier's check. The title company or other entity conducting the closing will tell you the required amount for:

  • Downpayment

  • Loan origination fees

  • Points, or loan discount fees, you pay to receive a lower interest rate

  • Appraisal fee

  • Credit report

  • Private mortgage insurance premium

  • Insurance escrow for homeowners insurance, if being paid as part of the mortgage

  • Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.

  • Deed recording fees

  • Title insurance policy premiums

  • Survey

  • Inspection fees building inspection, termites, etc.

  • Notary fees

  • Prorations for your share of costs, such as utility bills and property taxes

A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

 

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005 ©. www.REALTOR.org/realtormag

 


This data was last updated on Mon Dec 10 15:48:40 EST 2018. The data is subject to change or updating at any time without prior notice. The data is deemed to be reliable but no warranties of any kind, express or implied, are given. The information being provided is for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This data is provided in part by the Internet Data Exchange (IDX) program of the Tri-County Board of Realtors┬«, Inc. The listing firm is identified in the detailed listing information. Copyright © Mon Dec 10 15:48:40 EST 2018 Tri-County Board of Realtors ®, Inc.
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Fairbury, Nebraska 68352
Phone:  (402) 729-3060
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