The bundle of fees associated with the buying or selling of a home are called closing costs. Certain fees are automatically assigned to either the buyer or the seller; other costs are either negotiable or dictated by local custom.
The
information noted
below does not
include lender
fees or escrows
for taxes and
insurance. You
need to discuss
these particular
charges with
your lender of
choice.
If the seller has not yet paid for the house in full, the seller's most important closing cost is satisfying the remaining balance of their loan. Before the date of closing, the escrow officer will contact the seller's lender to verify the amount needed to close out the loan. Then, along with any other fees, the original loan will be paid for at the closing before the seller receives any proceeds from the sale. Other seller closing costs can include:
- Real estate commission and any transaction/processing
fees applicable
- Taxes prorated to date of closing
- Documentary stamps on the deed are calculated
at .70 per $100 ($100,000 = $700)
- Owners title insurance policy and related title
services
- Pay off existing mortgage
- Recording fee for satisfaction of mortgage
- Federal Express and/or Courier fees
- Home warranty, if applicable
- Underwriting and/or Processing fees
- Doc prep fees
- Repair contingencies (if any)
- Processing release fee of seller's mortgage
- Homeowner's Association Estoppel letter (verification
of no HOA liens)
SUCCESS
STORY: “My husband and I
instantly felt comfortable in Julie's presence. As
soon as she walked out the door after our consultation,
we knew we wanted her for our real estate agent. Julie
portrays a gentle and caring nature that brings comfort
to the buying and selling process. She was accessible
at virtually any time we needed her and was always
willing to answer questions, research a topic, or
take care of a problem. Her wealth of knowledge helped
us make good decisions and provided much needed support
throughout a difficult process. Thank you Julie!”
Julie and Richard
Alexander (Citrus Park) |
