April buying advice: Remember closing costs and fees From MSN

by The Real Estate Faction on April 6, 2011

You know where you want to live, you’ve saved up a nice down payment, you’re pre-approved for a loan and you’re inching ever closer to finding the right house.

But how much do you know about the purchase transaction itself? There’s more than just price to consider, says Adam Brett, a real-estate agent in Fullerton, Calif. There are a slew of fees to pay, plus taxes, insurance and inspections.

The sellers typically pay for the majority of closing costs,” Brett says. But it can vary widely depending on the region and the seller. And in today’s buyers market, many are subject to negotiation.

Here’s a general breakdown of what buyers and sellers are expected to pay:

Buyer

  • Escrow fees.
  • Title insurance, to assure the lender that the property has a free and clear title.
  • Home inspection and any other inspections such as chimney, roofing or geological.
  • Fire-insurance premium for the first year.
  • Recording fees and notary fees for documents.

Seller

  • Termite inspection and remediation of infestation or damage.
  • Escrow fees.
  • Real-estate commission.
  • City and county transfer fees.
  • Title insurance, to assure buyer of free and clear title.
  • Homeowners association transfer fees and any unpaid balance.
  • Home warranty.
  • Any bonds, assessments or tax liens.

 

 

 

 

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