Buyer's Closing Costs

LEGAL FEES

Varies depending on the attorney and the transaction.  Normally in the $1,300 to $1,700 range.

TITLE SEARCH AND RECORDING FEES

Approximately $700

TITLE INSURANCE

Required by the bank, and is approximately 0.375% of the selling price of the home

REAL ESTATE COMMISSION

Normally paid for by the sellers.

REAL ESTATE TAX ADJUSTMENTS

Reimbursing the sellers for real estate taxes that they have prepaid.  Additionally, most banks will require that the buyer set up an additionally 2 -3 months accrual.  In total the tax adjustment will be between 7 to 9 months of the total real estate taxes.

MORTAGE APPLICATION FEES

Varies by bank and normally will be between $750 - $1,500

APPRAISAL

Between $500 –$700.  Sometimes the mortgage company will pay this fee

MORTGAGE INTEREST

Normally the first mortgage payment is 4 to 6 weeks after the closing.  Most banks require buyers to prepaid the mortgage interest from the closing date until the first mortgage payment is due.

OIL IN TANK

Buyer pays current price for oil and/or propane at the home.

INSPECTIONS PRIOR TO CLOSING

Common inspections are home, radon, pests, water, septic and pool.  These are not closing costs as they done before the closing.

HOME OWNERS INSURANCE

Needs to be in place prior to the closing.  Most banks will require buyers prepaid the full first year of insurance at, or prior to closing.