Closing costs are fees and charges associated with the sale of any real property. If a loan is obtained, closing costs are typically 3% of the sales price. If it is a cash transaction, you can expect to pay less.
Following is a list of closing costs that may be charged. Not all sales or transfers require all of these charges be paid, each transaction is different. For more information, contact myself, a lender, or title company.
Fees associated with the loan (such as: loan origination, loan discount, appraisal, credit report, lender’s inspection, mortgage insurance application, assumption, lender fee, tax service fee, flood check).
Advances to Lender (such as: interest on the property, hazard insurance premium, mortgage insurance premium).
Reserves that the lender holds (such as: hazard insurance, mortgage insurance, city/town taxes, county taxes, assessments).
Title Charges (such as: settlement fee, title search, title examination, title insurance binder, document preparation, notary, attorney, title insurance).
Government fees (such as: recording fees, city/county tax/stamps, state tax/stamps, notice of completion).
Additional fees (such as: prorated HOA dues).