|
-FOR SELLERS-
|
Legal Fee
Generally $750-$1,000, depending on the transaction |
$ |
|
Real Estate Commission
Depends on the terms of the listing agreement |
$ |
Realty Transfer Tax
Rate fixed to sale price of house. Consult your attorney for possible exemptions and current rates.
TOTAL CONSIDERATION NOT IN EXCESS OF $350,000
-
$2.00/$500 of consideration not in excess of $150,000;
-
$3.35/$500 of consideration in excess of $150,000 but not in excess of $200,000;
-
$3.90/$500 of consideration in excess of $200,000 but not in excess of $350,000.
TOTAL CONSIDERATION IN EXCESS OF $350,000
-
$2.90/$500 of consideration not in excess of $150,000;
-
$4.25/$500 of consideration in excess of $150,000 but not in excess of $200,000;
-
$4.80/$500 of consideration in excess of $200,000 but not in excess of $550,000;
-
$5.30/$500 of consideration in excess of $550,000 but not in excess of $850,000;
-
$5.80/$500 of consideration in excess of $850,000 but not in excess of $1,000,000;
-
$6.05/$500 of consideration in excess of $1,000,000.
|
$ |
|
Mortgage Cancellation Fee
Usually required if mortgage is prepaid before original term is reached. May be charges by lender and/or local government. |
$ |
|
Other Liens
Must be removed form property before sale: includes local government filing fees |
$ |
|
Tax Adjustment
Usually a credit (sometimes a charge) to seller, to adjust for taxes paid short-of or beyond the closing |
$ |
|
Water/Sewer Adjustments
Same as other tax adjustments |
$ |
|
VA Loans
Seller is responsible for points, repairs, certifications as included in sale contract: and for fees required by lender |
$ |
|
Insect Damage Repairs
As may be required following inspection |
$ |
|
Engineering Repairs
As may be required following inspection |
$ |
|
Association Fees
As may be required by Condo/Co-op Association |
$ |
|
Estimated Total |
$ |
|
-FOR BUYERS-
|
Legal Fee
Generally $750-$1,000, depending on the transaction |
$ |
|
Title Search
Approx. $200-$300 |
$ |
|
Title Insurance
Varies usually $1,200-$1,500 for homes fr $250,000 - $300,000 |
$ |
|
Recording Fees
Required by local County clerk about $40-$60 (per instrument to be recorded) |
$ |
|
Survey
Survey of property, if required, averages $300-$450 |
$ |
|
Homeowners Insurance & (if applicable) Flood Insurance
Typical one family house $300-500 per year |
$ |
|
Private Mortgage Insurance
Usually required if mortgage is more than 80% of purchase price. Average premium is 2 1/2% of the mortgage. 1% payable at closing |
$ |
|
Lender's Attorney Review Fee
$100 - $500 average where applicable |
$ |
|
Prepaid Interest
Paid to lender; covers interest on mortgage beginning from day of closing to end of first month |
$ |
Escrow Fees
Paid to lender, covering approximately...
3 months real estate taxes
3 months fire/flood insurance
3 months PMI premium where applicable |
$ |
Points
Paid to lender, usually 1-3 (1 "point" = 1% of mortgage). |
$ |
|
Application Fee set by lender, $250-500 |
$ |
|
Credit Report Fee $200-300 |
$ |
.
Terminate/ Building Inspection |
$ |
Fuel Adjustment
For any fuel left behind by seller |
$ |
Association Fees
As may be required by Condo/Co-op Association |
$ |
|
Estimated Total |
$ |
|
