The Buyer’s closing cost generally range from 4 to 6 percent of the price of your home. The majority of the expense are payable at closing. The following list illustrates the normal range of these expense.
Home Inspection: Payable prior to closing. $400-$750.
Legal Fees: $900-$1,400
Recordings Fees; $400
Courier Fees: $50
Title Fees: Approximately $4.25 per $1,000 of purchase price.
Survey: $500-$750
Banks Fees:
Appraisal: $350
Application: $300-$650
Commitment: $350
Credit Report: $50
Discount Points: One point is one percent of the loan amount.
Real Estate Taxes: These are based on the township’s assessed taxes. The bank may require an escrow of 2-3 months of taxes depending on when you close.
Homeowners Insurance: You will be required to purchase a homeowners insurance policy for one year to be paid prior to closing.
Mortgage Interest: You will be required to pay the interest on your loan from the date of closing through the end of the month. For example, if you close on June 19 through June 30.
Seller will be responsible for the realtor’s commission and the realty transfer fee (approximately $8 per $1,000) as well as obtaining the certificate of occupancy.
