CLOSING COSTS WHO PAYS WHAT?
The buyer can typically expect to pay for the following:
Appraisal Fee (Guarantees the bank that the home has enough value to substantiate the loan. Title Insurance (Buyers). Insures the Lending Bank that the home is free and clears of all Liens. Recording fee charged by County. Tax Service Fee. Ensures property taxes are paid through escrow Flood Certification, guarantees the home is not in flood plain Processing fee. (ask lender to explain, different lenders have different fees, check them out). Underwriter Fee, Fee charged to the bank by underwrites to make sure the loan meets government guidelines. Document Preparations Fee. Fee to prepare loan documents Escrow Fees, State Licensed. non-invested 3rd party who handles Finances and recording of Sale. Pre-paid Expenses. Advance property taxes (up to 6 months). Hazard Insurance (up to 6 months, Home Owners fees, Irrigation if applicable. Casualty loss insurance, Interest from date of funding to 30 days prior to first payment. The Seller can typically expect to pay for the following:
Real Estate Agent Commission Fee
Excise Tax as mandated by Franklin or Benton County\ Title Insurance (Sellers). Insures the Buyer that the home is free and clear of all Liens.
Property Tax. pro rations, irrigation pro-rations etc.
Escrow Fees, State Licensed non-invested 3rd party who handles Finances and recording of Sale. Recording Fees, Charged by the County
Express Mailing Fees to pay off Loan. (If applicable) The above are simple explanations; please consult with your loan office for your personal home loan.
|
