Typical Closing Costs Checklist in C#.NET

Reader PDF417 in C#.NET Typical Closing Costs Checklist

Hazard insurance policy ( re insurance) Homeowner s insurance home warranty package Tax prorations Tax service contract Mortgage fees Attorney fee Escrow fee Title insurance fee A variety of other fees may also be imposed

The attorneys who work in real estate usually have set fees for standard transactions These fees are normally between $500 and $1500, depending on the size and complexity of the deal Be sure you discuss the fees before hiring an attorney Remember, the attorney fees, like everything else, are negotiable

As the buyer of a home (new or resale) you will want to carry re insurance This insures you, and the lender, that in the event of a catastrophe, the home can be rebuilt Don t think you can save money by just taking a chance and not insuring the property The lender will demand that you carry minimum re insurance as a condition of the nancing If you don t, the lender will put its own, usually more expensive policy on the property and bill you for it If you refuse to pay, you could be placed in default and the lender could foreclose While you are required to pay for re and basic hazard insurance, you are not usually required to carry a homeowner s policy (although some lenders do now require it) The homeowner s policy runs almost twice as much as the basic re/hazard policy, but it s a good investment It protects you against a variety of losses, including liability if someone gets hurt on your property

In some areas of the country, insurers have recently been refusing to issue new policies because of losses Be sure to check to see that you can actually get insurance, or else you might not be able to conclude the purchase of your home!

A home warranty package is optional It typically costs from $250 upward annually, depending on the quality of coverage The plan covers problems with many of your home s systems, such as electrical and plumbing Most sellers will pay for the rst year, to keep you from calling to complain about something such as a leaking water heater You can usually continue the plan in subsequently years by paying the premium yourself

It s the only thing that s certain, besides death! You do not have to pay sales tax (at least not yet!) in any area of the country that I know of, although some states do charge a usually nominal transfer tax But you do have to pay property taxes The escrow company prorates your share of the year s taxes Proration simply means that if the sellers have already paid taxes in advance, you pay them back for that portion of time that you own the property If you are getting a new loan that has a tax impound account, the lender may also require that you pay one or two month s worth of taxes up front to get the account started (This account pays your taxes for you each year)

If you don t have an impound account, the lender will undoubtedly want you to pay for a service that will report any time you fail to pay your taxes This is so the lender can then step in, pay them, and then foreclose on you! The fee is usually around $25 to $50 And there s no getting out of it!

If you get a new mortgage, you re going to have to pay closing fees on it These usually compose the largest part of the closing costs Often the costs of closing the mortgage can come to as much as 4 or 5 percent or more of the total purchase price Here are some of the fees and what they represent: