Estimated Closing Needs
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Buyer
- Fire and extended coverage insurance policy
in the amount of the mortgage. This must be
presented at closing. Recommended: Homeowners
policy to cover both mortgage amount and your
equity in the home.
- All buyers should be present. If this is
not possible, tell your attorney or title company
in ample time to see if they can make special
arrangements.
- Bring certified check to closing, made out
to you in the amount of the purchase price
less down payment and mortgage, to be endorsed
to proper parties at closing.
- Bring some personal checks to cover miscellaneous
closing costs, such as attorney's fee, tax
or insurance escrow or adjustments, fuel oil,
etc.
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- Order telephone service.
- We will take care of having utilities transferred
except telephone, if you desire.
- Check your new post office address zip code.
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Seller
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All sellers should
be present at closing to sign deed
and affidavit of title or arrange with
attorney to sign ahead of time.
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You must have an
attorney or title company to prepare
deed and affidavit of title for the
purchaser. They will need your present
deed. For the preparation of the affidavit
for a married couple, they need to
know the wife's maiden name and if
you or your spouse has been married
before to anyone living.
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Bring personal checks for miscellaneous
items such as attorney, revenue stamps, etc.
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Have all keys at closing.
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Please give your realtor your
forwarding address.
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We will take care of having utilities
transferred, except telephone, if you desire.
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Summary of Estimated
Closing Costs
- Mortgage application: $250-400
- Points: 1 point equals 1% of the mortgage
amount. Example with $70,000 mortgage,
1 point = &700
- Attorney's fees: $650-1000
- Recording fees for Deed & Mortgage:
$80-100
- Title Search: $150-200
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- Title insurance: $3.25 per $1000 of sale price up
to $500,000; $2.00 per $1000 os sale price up to $2,000,000
- Survey: $350 & up
- Homeowner's insurance policy: based on variables,
$400 & up Single family; $250 & up condos
- Flood insurance: $350-400 depending on mortgage amount
and location of property.
- Private Mortgage insurance (PMI): Required with less
than 20% down payment;
varies:
- 5% down -.78 of mortgage amount / 12 = monthly PMI cost
- 10% down -.52 of mortgage amount / 12 = monthly PMI cost
- 15% down -.34 of mortgage amount / 12 = monthly PMI cost
1 to 2 months PMI is paid at closing
- Tax adjustment: Example: on a $200,000 house taxes
of $2800 annually , $0-700 depending on which day of
the quarter you close.
- Tax escrow: Example: on a $200,000 house taxes of
$2800 annually , $770-950 depending on which day of
the quarter you close.
- Special assessments: Example: Sewer of Curbing.
- Interest adjustments: Example: With a $100,000 mortgage
at 8% = $734 per month which is prorated per day
- Radon Inspection: $75
- Termite Inspection: $75-200
- Home Inspections: $250 & up
- Fuel Oil: $0-500
- Review fee: Fee to lending institution if you use
other than their attorney, $100-350
- Realty transfer fee: (generally paid by seller)
Standard rates: $1.75 per $500 up to $150,000, $2.50 per $500
over$150,000
New Construction:
$.75 per $500 up to $150,000, $2.50 per $500
over$150,000
Sr. Citizen - 62 & over, or blind or disabled:
$.50 per $500 up to $150,000, $1.25 per $500 over$150,000
*The above costs are approximate
and are subject to change.
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