Prior to closing, the Buyer will be required to pay for all inspection fees, mortgage application fees and to place a 10% deposit in escrow by the time contracts are executed. The balance of Buyer’s closing costs is paid at the time of closing. (For specific costs, please consult with vendors as charges may vary.)
BUYER’S PRE-CLOSING COSTS
10 % Upon signing of contracts (Typical, but negotiable)
Inspection fees*
Structural: $650 minimum
Termite: included in some inspections
Radon (air & water): $125 and up
Septic: $350 +
Asbestos: $250 minimum
Water Potability: $200 +
Oil Tank: $350 minimum
Lead Paint: $350 minimum
Mold Inspection $350 minimum
Well Condition $350 minimum
*Can be more depending on size & condition of structure
Mortgage Application Fee
Credit Report: $50
Appraisal: $250 minimum
Application: $50-$300
CLOSING EXPENSES
Balance of Equity
Purchase Price
Less down payment
Less mortgage proceeds
Pro-rated Adjustment to Seller, as applicable
Credit to Seller of taxes paid through end of tax period
Common charges paid by Seller through end of month
Oil remaining in tank
Gas remaining in propane tank
Balance on security system
Title Charges
Search: $150-$175
Premium: $3 per $1,000 – Title Insurance (Usually included in attorney fee)
Bank Charges – check with mortgage company for specific amounts
Application fee: $50 – $300 +
Points/ Loan origination fee (1 point +1% mortgage)
Per diem interest from day of closing through end of month
Tax escrow: up to (6) six months
Insurance escrow: (2) two months
Flood certification: $25 +
Tax Service Fee: $75-$100 +
Bank Attorney Fee: $500 +
Document Preparation: $250 +
Survey of property if required by lender: $500-$1,000
Attorney Fee: Varies with attorney and transaction ($900 and up)
Recording Fee: $60-$70
Insurance
Homeowners insurance: $300 and up
Proof of current policy is necessary at closing
Title Insurance: $400 and up depending on mortgage
Private Mortgage Insurance (PMI): if financing more than 80%
NOTE: Buyer and Seller must check with their attorneys as to actual, applicable or addition costs.
Updated 12/14/21
