Crystal Coast Realtor

Buyer usually pays for:

·        Appraisal  (usually costs $300-$350) and is usually paid when ordered by lender, but may be paid at closing.

·        Home Inspection  (cost varies with size of property, but a general range for a 1,200- 3,500 square foot home is $300.00- $450.00.It is usually paid upon delivery of services or soon thereafter, but may sometimes be paid at closing.

·        Survey (cost varies with the size of the property)- Buyer may elect to waive a current survey if lender does not require a recent one or if you have access to the survey that was done for the seller. Usually paid upon delivery of services or soon thereafter.

·        Wood-destroying insect inspection (a report costs $65-$75) It is often paid at closing.

·        Water and septic inspections may be required by the lender if the property uses well water and/or has a septic system and is usually paid upon delivery of services or soon thereafter.

·        Closing attorney (usually runs between $350 -$500 for a typical closing)  Additional fees from the closing attorney may be for wiring, recordation, or courier fees may also be charged and these are paid at closing.

·        Title Insurance ($2/$1000 of purchase price is usually what it costs) and is usually paid at closing.  Using seller’s existing title insurance company sometimes gains a discounted rate.

·        A buyer’s loan program determines other costs such as: escrow amounts for taxes and insurance, points (1 point equals 1% of loan amount), documentation fees, application fees, credit report cost, etc.  These can be negotiable.

·        Once a lender has been chosen and he has a buyer’s information he/she is required by Federal law to give buyer/s a Good Faith Estimate, which should be a very close approximation of closing costs, within 72 hours of loan application.  If the type of loan selected changes, however, a new Good Faith Estimate should be provided. 

·        Ad Valorem taxes- cost depends on tax rate and date of closing

 

Seller usually pays for:

·        Deed Preparation is paid at closing

·        Revenue Stamps (usually $1/ $500 of purchase price) are paid at closing.

·        Recordation of the deed is paid at closing.

·        Any unpaid mortgage balance/s is/are paid at closing.

·        Any unpaid taxes will be paid at closing.  This may be show up on the closing statement as a credit to buyer if taxes cannot be paid yet (if it’s prior to Sept 1)

·        Any Real Estate commissions are paid at closing.