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Closing Costs

michiganqueenannWhen selling or buying real estate, there are fees or costs involved. It is very easy to overlook or forget about the costs involved until it is time to sign the final papers.

Just so you are not surprised at the time of closing, I made a list of potential fees that may be involved. Different types of transactions or financing may involve different types of fees. The amount of the sale or the purchase price may also affect the amount of the fee that is involved.

Expenses could include but not be limited to:

  • Taxes, which could include: current, past due, prorated due to the city or township, county, state and school.
  • Property assessments, including due, pending or past due.
  • Payoffs of first, second mortgages oother type of debt.
  • Real Estate Commissions
  • Attorney fees
  • Notary fees
  • Survey expenses
  • Pest Inspections
  • Building inspections
  • Title insurance fees
  • Document preparation fees.
  • Fees associated with lender required escrows for hazard insurance, mortgage insurance, city or township, county taxes annual assessments

Other lender costs could include fees for a credit report, loan processing fees, application fees, lender inspection fees, appraisal, loan discounts or points, loan origination fees.

As you can see, it is important to always ask for an estimate of all closing costs and always ask about anything you do not understand.

Written by Dave.