| ITEM |
EXPLANATION |
USUAL COST |
| Contract Sales Price |
Cost of home is debited from the buyer. |
|
| Deposit held by: XYZ Realty |
Any earnest money is credited to the buyer |
|
| Deed of Trust: ABC Mortgage |
New loan amount |
|
| Title Insurance: Mortgagees |
The buyer is responsible for insuring the new lender is in first positition and has a valid lien |
$120 |
| Title Endorsements |
Lenders usually require additional coverage to the policy |
$80-$400 |
| Tax Certificate |
A tax cert is ordered for every transaction to show the status of taxes |
$15 -$40 |
| Record: Warranty Deed |
Cost to record the new warranty deed (usually one page) |
$5 per page +$1 per doc |
| Record: Deed of Trust |
Cost to record the deed of trust (anywhere from 1 to 25 pages) |
$5 per page +$1 per doc |
| Documentary Fee |
Fee paid to the state (based on purchase price) |
$.01 per $100 |
| Tax for current year |
Tax is prorated and credited to the buyer (from seller) from Jan. 1 to day prior to closing (per contract) |
prorated |
| Tax reserve |
Prorated charge required by lender to cover taxes (initial deposit into tax escrow account) |
determined by lender |
| Tax Service Fee |
Fee required by lender for a tax company hired by lender to disburse taxes |
$75.00 |
| Hazard Insurance Premium |
Hazard insurance is usually paid up-front for a year |
|
| Hazard Insurance Reserve |
Lender generally requires a couple of months extra insurance |
Determined by lender but usually 2 to 3 months |
| Loan Origination fee/discount |
Fee charged by the lender to process and give new loan |
"points" |
| Interest on new loan |
Only time that interest is paid in advance (instead of in arrears)- this amount will depend on date of closing and will be prorated to the first of the following month |
prorated |
| Loan Discount Fee (points) |
Not common in this market, but buyers may pay to reduce their interest rate |
|
| ILC |
Charge by the lender to pay for the survey (by contract) |
$75-$350 |
| Appraisal Fee |
Charge by the lender to pay for the home appraisal |
$350 |
| Credit Report |
Charge by the lender to have credit report completed |
$80 |
| Documentation Preparation Fee |
Lender charge to have a company prepare the loan documents |
$150-$350 |
| Underwriting Fee |
Lender charge to determine loan approval, conditions, etc. |
$100-$500 |
| Homeowner's Association |
If applicable, paid dues are prorated to date of closing; unpaid dues are collected from the appropriate party |
|
| HOA Transfer/Status Letter Fee |
Cost to obtain a HOA status letter from HOA. |
$150 average |
| Loan Charge: Loan Closing |
Title Company's fee to close the loan documents |
1st Loan $250 2nd loan $165 |
| Closing Fee |
Title Company's closing fee to close the real estate transaction- usually split equally between buyer and seller (per contract) |
$125 |
| (ALL OF THESE FEES ARE SUBJECT TO CHANGE) |
|
|
|
Compliments of Andrea Croasdell- Land Title Guarantee Company-303-427-9353 (office)
|
