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| Buyer's
Closing Fees |
Here
are the fees that the buyer is responsible at closing:
- Lenders Point, Loan origination or loan service
fees - can be up to 3% of the loan.
- Loan application fee.
- Lender's credit report.
- Lender's processing fees.
- Lender's documentation preparation fees.
- Lender's appraisal fees.
- Prepaid interest on loan - prepaid per day until
the end of the month in which the closing occurs.
- Lender's insurance escrow - can be up to 20% of
the cost of a one year homeowner's insurance policy.
- Lender's tax escrow - Depending on the time of year
you close this can be up to 50% of the yearly property
taxes.
- Lender's tax escrow service fee - fees to set up
the tax escrow.
- Premium mortgage insurance (PMI) - applicable if
the down payment does not exceed 20% of the sales
price.
- Title insurance cost for lender's policy - Depending
on what part of the country you live a portion or
the full amount may be paid by the seller.
- Special endorsements to the title - Depending on
the property you pick the lender may require that
the buyer pay special endorsements such as an environmental
lien endorsements or location endorsements to name
a few.
- House inspection fees - any that remain unpaid.
- Title/ escrow company closing fee.
- Recording fees, for the deed or the mortgage.
- Local city, town or village property transfer tax,
county transfer tax and state transfer tax. These
charges will vary form city to city and state to state.
- Flood cert fee - Fee to determine if the home you
pick is in a flood plain.
- Buyer attorney's fee.
- Association transfer fee.
- Condo move in fees.
- Co-op apartment fees - Fees that may be required
to transfer the shares of stock in the property to
the buyer.
- Any credit checks by the condo or co-op board.
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