Buyer's Fees

WHAT ARE BUYER'S FEES?

About three days prior to close of escrow, Mary will take a final walk through inspection of the property with you. A signing is then scheduled seperately for you and the seller to sign and review all closing documents associated with the sale.

Listed below are some typical closing costs that a buyer may incur as part of a transaction. When you apply for a loan, you will receive a "good-faith" estimate of closing costs and settlement charges, along with a booklet explaining all costs.

  • APPRAISAL: This is a one-time fee

  • TITLE AND ESCROW FEES: Generally, each party is responsible for the cost of fees incurred on their behalf unless otherwise negotiated. Some common exceptions include title policy and escrow fees, city and county transfer fees and real estate commissions

  • DOCUMENT PREPARATION FEE: There may be a separate fee that covers the preparation of the final legal documents

  • TAX PRO-RATION (FROM DATE OF ACQUISITION) AND HAZARD INSURANCE: You may be required to reimburse the seller for property taxes. These can be prorated depending on the month in which you close. You will also need to pay a year's hazard insurance premium up front. Also, you might be required to put a certain amount for taxes and insurance into a special reserve held by the lender

  • INSPECTION FEES

  • HOME WARRANTY

  • INTEREST: Depending on the time of month your loan closes, the per-diem charge may vary from a full month's interest to that of a few days. If your loan closes at the end of the month, you may pay interest for only a day or so

  • LOAN ORIGINATION FEE: The lender's administrative costs in processing the loan are covered by this fee

  • PMI INSURANCE: You may be required to pay an upfront fee for mortgage insurance, depending on the amount of your down payment. Lenders may also require monies be placed into a reserve account