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.