| ITEM |
EXPLANATION |
USUAL COST |
| Contract Sales Price |
Cost of home is credited to the seller |
|
| Mortgage Payoff |
The payoff amount is sent to "old" lender (will probably include a few extra days of interest to cover delivery time) |
|
| UPS |
Charge to UPS the payoff to the lender |
$12 per payoff |
| Title Insurance (Owner's Policy) |
The Seller is guaranteeing the buyer "marketable title", so seller pays for the new owner's title insurance policy |
see rate card (based on sales price) |
| Record: Release |
This is charge to record & release the "old" deed of trust |
$25 per payoff |
| Taxes due for previous year (collected by title company when due) |
The title company is responsible for insuring that the previous years taxes are paid. |
|
| Tax for current year |
Taxes for the current year are prorated and charged to seller and credited to buyer (per contract) |
prorated |
| Broker's Fee |
Real Estate commission percentage |
|
| Closing Fee ( Real Estate) |
Title Company's fee to close the Real Estate transaction. The $250 fee is usually split between buyer and seller. |
$125 |
| Water/Sewer Due |
Title Company escrows for the final reading and pays the bill out of this money. Any remainder is returned to the seller. |
$250 to $350 |
| HOA Transfer/Status Letter Fee |
Cost to obtain a HOA status letter from HOA. |
$150 average |
| Homeowners Association |
If applicable, paid dues are prorated to date of closing; unpaid dues are collected from appropriate party. |
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| For a FHA transaction, the seller may also be required to pay the following "buyer" costs: |
| Tax Service Fee: $75 |
|
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| Document Prep (if lender prepares): $150 - $295 |
|
| Underwriting Fee: $100 |
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| For a VA transaction, the seller may be required to pay the following "buyer" costs: |
|
| Loan Closing Fee: $240 |
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| All of Real Estate Closing Fee: $250 |
|
| Tax Service Fee (if lender charges): $75 |
|
| Document Prep (if lender prepares): $150 to $350 |
|
| Underwriting Fee: $100 to $500 |
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(ALL OF THESE FEES ARE SUBJECT TO CHANGE)
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| Compliments of Andrea Croasdell- Land Title Guarantee Company- 303-427-9353 (office) |
