Closing Costs

Closing costs are the various fees involved in finalizing a real estate transaction a home seller or buyer has to pay aside from the actual cost of the home purchase. If you are the person buying a home you'll want to consider which of these charges you will pay for and which ones you can have the seller pay. It's a good idea to discuss with your realtor about the various costs involved in your purchase.

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Closing Costs Explained

1. Lender Fees

Lender Fees are the associated payments you have to make to a lender involved with your transaction. These include fees such as appraisal costs, courier fees, administrative fees, transfer taxes, a flood certification (if required), processing fees, and the credit check.

2. Title Fees

Title Fees are one of the most crucial payments involved with the closing costs of a real estate transaction. This fee will account for about 70% of your total closing cost. This fee covers the title search, title insurance, and settlement services. You'll want to review which services are offered in your title fee with your realtor to ensure you get the best deal possible.

3. Buyer Title Insurance

A buyer title insurance ensures the home buyer is protected in the event that liens or clouds are placed on the property after a sale. The insurance will cover the legal service fees connected to litigation caused by another person or entity that is trying to lay claim to the title of the property.

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Other Closing Costs

Homeowners Insurance Premium

Mortgage Preparation

Fees for obtaining the consents of the buyer

Government Recording Fees

The Notary Fees for the Buyer

Title Document Preparation and Escrow Fees

Association Transfer Fees and Condominium Fees

Pest Inspection

Home Loan Discount Points and/or Fees

Future Homeowners Association Dues & Prorated Property Taxes

There may be other costs involved in your real estate transaction you'll want to discuss with your realtor.

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