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Approximate Closing and Inspection Costs
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The following costs are general estimates (actual costs may vary):
Appraisal Fee: $350 - $400
The lender wants to make sure the home is in good condition and actually worth the moneny they're lending for it.
This is usually, the only up-front cost and is collected after the purchase agreement is signed.
Appraisal Reinspection: $50
If it is found that the home needs repairs, the lender will reinspect after the repairs are completed.
Buydown Points: Vary
One point equals 1% of the loan amount. If the buyer wants a lower interest rate, he or she may ask you to pay
the points involved.
Document Preparation Fee: $150
The attorney's fee for drawing up the deed.
Seller Recording: $15
The fee required for the courthouse to record documents.
Owner's Title Insurance: Vary
The title company will issue title insurance calculated based on the sale price of the home. This insures
the new owner against any liens and the title is clear. Title companies will not close without this insurance.
Title Company Closing Fee: Vary
The title company's processing fee - calculated based on the sale price of the home.
Special ASsessment: $40
The title company's fee for lien/assessment search.
Loan Document Preparation: $150
The mortgage company's fee for preparing the loan documents.
Amortization Schedule: $25 (optional)
If requested, the title company will charge a fee. The Realtor will usually provide on for free.
Tax Service Fee: $65
The fee assessed for IRS documentation and filing.
Loan Transfer: Vary
Only assessed when/if the seller requests the loan be transfered to another lender.
Marketing Fee: Vary
This is the Realtor fee for selling the property - calculated based on the sale price of the home and marketing outlets
utilized.
Inspections
Flood Certification: $30
If necessary, a review to ensure the home is not located in a flood zone.
Termite Inspection: $60
Always required when buying a home.
Roof Inspection: $75
The lender may require inspection of the roof.
Structural Inspection: $200
The fee for inspecting the structural integrity of the home. Fee varies depending on the size/type of home.
Home Warranty Inspection Only: $95
The buyer may request an independent inspection of the home to identify necessary repairs. The seller is
usually required to repair the items noted by the inspector.
Home Warranty: $200
If the buyer requests, a one year warranty on the home for all working appliances and plumbing is offered
at this price approximately.
Septic Inspection/Certification: $75
The mortgage company will usually require this inspection.
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| Copyright 2005. Nancy Clark. All Rights Reserved. |
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