TYPICAL CLOSING COSTS

ITEM

DESCRIPTION

AVERAGE COST

Guide to Buying Your Home

Loan Origination Fee This fee covers the lenders administrative cost in connection with the loan.

1% of loan amount

Discount Points

A one-time charge used to adjust the yield on the loan to market conditions.

Each point equals 1% of loan amount

Appraisal Fee

A fee for a statement of property value made by an independent appraiser.

$300-$500 conventional loan; $300 VA

loan; $300 FHA loan

Credit Report

A report obtained from a credit reporting agency detailing the borrowers credit history

$50 - $75

Funding Fee

Fee charged by the Veterans Administration on all VA loans.

2% of loan amount if veteran pays no

down payment; 11/2% if 5% down payment; 11/4% if 10% down payment; 3% if
veteran has used VA prior funding, not
putting down minimum of 5%

Interim Interest

Collected on the loan from date of closing for the balance of the month when closed
(except when the closing takes place on the 1st day of the month). Interest rate x the
loan amount divided by 365 = factor x number of days remaining in month = interim
interest.

Private Mortgage
Insurance (PMI)

Generally required on mortgages with a loan-to-value ratio of 80% and up. Some
lenders require the entire premium paid at closing while others require a percentage at
closing with monthly payments escrowed. Mortgage insurance protects the lender
from loss due to payment default. Mortgage insurance can allow borrower to obtain
up to 95% financing.

Premiums vary with coverage.

Hazard Insurance

Lenders require a fire (and extended coverage) policy covering at least the amount of
the mortgage. If the property is in a flood prone area, flood insurance is mandatory.

First year premium is paid at closing

Escrow Deposits

Funds held in an account by the lender to assure future payment for such recurring
items as real estate taxes, hazard insurance and mortgage insurance.

2 months hazard insurance;

2 months mortgage insurance;
5 months taxes (average)

The closing is normally handled by the Buyers attorney. The attorney is responsiblefor
obtaining title insurance, handling and computing the closing statement (including all
prorations and adjustments) and recording pertinent documents. The deed is normally
prepared by an attorney selected by the Seller. However, the Seller often chooses to
use the Buyers closing attorney for preparation of the deed.

$450-$600

Protects against loss due to problems or defects in the title which cannot be found or
arent found on public record. This insurance is required by the Lenders and the cost
is borne by the Buyer. It is a one-time fee payable at closing. Both lenders and owners policies are available. Although not necessarily required by the lender, an owners
policy is strongly advised.

$2 per $1,000 of coverage

Recording Fees

Recording fees for deed, deed of trust, and any and all other documents.

$35

Survey

A survey is required to show the exact locations of the house and the lot line, along
with easements, buffers and setback lines.

$200-$300

The Buyer submits a mortgage application to a

mortgage company, or other lending institution.

The closing attorney completes the final

statement, and records the documents at the
County Courthouse.

FHA Mortgage
Insurance

Mortgage insurance required by HUD. May be paid at closing or financed with loan
amount.

.0225 x loan amount(if financed)

The Lender orders a credit report, and if satisfactory, orders an appraisal of the property.

The Buyer (or Buyers, i.e. husband and wife)

takes title as Tenant by the Entirety.

Transfer Taxes

Transfer taxes in N.C. are computed on the selling price and are paid by the Seller.

$2.00 per $1,000

Home Inspection

The Buyers option to have a home inspection per Provision 12.

$200 - $450

Termite Inspection

A report from a N.C. licensed pest control operator stating as to the evidence of wooddestroying insects and resulting damage.

$75

Attorney Fee

Title Insurance

A General Overview
A. The Agreement
An Offer to Purchase and Contract is completed with a sales associates assistance, signed by
the Buyer and is accompanied by an earnest
money deposit of usually 3-5% of the purchase
price. When the offer is accepted, these funds
are placed in a non-interest bearing account by
the listing broker until closing. Then the earnest
money is credited to the Buyer on the closing
statement.
Usual contingencies in the contract: obtaining
a mortgage commitment, termite inspection,
component inspections.
The Seller agrees to convey the property by
General Warranty Deed.
The average time to closing (Transfer of Title) is
30-60 days.
The Contract is accepted and signed by the Seller.

B. Mortgage

Having verified the Buyers employment,

the Lender approves the Buyers credit and
the value of the property as collateral
for the loan.

hpw.com
Each office independently owned and operated.

The Lender approves the mortgage application

and sends documentation to the Buyers attorney
for closing.
The Lender orders mortgage insurance if
mortgage insurance is necessary.

C. Closing (Transfer of Title)

The Buyers attorney orders title insurance and
begins computation of closing statement and
preparation of other necessary documentation.
Utility companies need to be notified when title
transfers so the appropriate parties can be billed.
Closing is normally held at the office of the
Buyers attorney.
The usual closing costs include: loan origination fee (1% of the loan amount), discount
points, if applicable, private mortgage insurance if the loan is greater than 80% loan to
value, title examination and insurance, hazard insurance, credit report, survey, recording fees, and appraisal.

The Buyer typically takes possession immediately after the closing.

The place to be in real estate. Were all about home.

Details of the Steps in

the Purchase of Property
A. The Agreement
Lawyers: Buyers and Sellers are not required by law to have an
attorney represent them in the transaction, but it is common
practice in North Carolina for Buyers to retain legal counsel,
while Sellers usually do not.
Purchase and Sale (Final) Agreement: The instrument that creates a valid, enforceable contract between the Buyer and the
Seller is commonly entitled Offer to Purchase and Contract.
The Offer To Purchase and Contract is a somewhat modified
North Carolina Bar Contract and major firms in the market
area use this or a similar instrument. The practices (or provisions) described on the following pages are based on the Offer
to Purchase and Contract. The form is preprinted, and may
be completed with assistance from a sales associate.
Customary Deposit (Earnest Money): The earnest money
deposit that accompanies the sales contract is usually 3-5% of
the purchase price. The deposit check is made payable to the
listing broker who places it in a non-interest bearing account
until closing.
Contingencies (Customary or Acceptable): The following contingency clauses are customarily included in the sales contract:
Typically, the Buyer is given six (6) weeks in which to
obtain a firm loan commitment. The principal amount of
the loan, the term (in years) and the maximum interest rate
are noted in the contract, together with the maximum
number of mortgage loan discount points.
Termite Inspection: Under the provisions of the contract, the
Buyer has the right (at his or her expense) to obtain an
inspection for termites, wood-destroying insects and organisms, and structural damage on Standard Form No. 1 in
accordance with the regulations of the North Carolina
Structural Pest Control Committee. If new construction,
the builder will typically provide a new construction termite bond. Extermination and/or repairs (if necessary) are
at the Sellers expense.
Component Inspections: The Buyer has the option to have
(at his or her expense) an inspection of the electrical,
plumbing, heating and cooling systems, and the built-in
appliances. The Buyer also has the option to have roof and
structural components of the property inspected. Any necessary repairs are at the Sellers expense. If the Seller does
not elect to complete the repairs, the Buyer may rescind the
contract.
Note: Occasionally, the sale of the Buyers present home is a contingency. In this case the Sellers home is usually kept on the market during this period. The Buyer is sometimes given a short period of time to negate the contingency in the event a new, bona fide
Buyer makes a second offer.

Restrictions: Recorded liens, encumbrances, easements and

restrictions are referenced in the contract.
Fixtures/Personal Property: The Offer to Purchase and
Contract contains a standard list of fixtures normally included
in the sale. It is important to list any personal property that is
expected as part of the sale. If there is a negotiated sale of personal property (as opposed to fixtures), this may be described
in the contract or become a matter of a separate agreement.
Adjustments: Adjustments (and prorations) are described in the
Offer to Purchase and Contract as follows:

Discount Points: Discount points are sometimes a factor in

obtaining a loan. Each discount point equals 1% of the loan
amount.
Other Lender Requirements: Special Fees. Customarily, lenders
require the following:
Loan Origination Fee: 1% of the new mortgage loan
New Plot Plan (Survey): $200-$300 (required if new loan)
Appraisal Fee: $300-$500
Credit Report Fee: $50-$75

Unless otherwise provided, the following items shall be prorated

and either adjusted between the parties or paid at Closing:

Title Insurance: $2.00/per thousand (unless the attorney

can get a re-issue rate)

Ad valorem taxes on real property shall be prorated on a

calendar year basis to the date of closing.

Termite Inspection: $75

Ad valorem taxes on personal property for the entire year

shall be paid by the Seller; unless the personal property is
conveyed to the Buyer, in which case, the personal property taxes shall be prorated on a calendar year basis through
the date of Closing.
All late listing penalties, if any, shall be paid by the Seller.
Rents, if any, for the property shall be prorated to the date
of closing.
Owners association dues and other like charges shall be
prorated through the date of Closing.
Accrued, but unpaid, interest and other charges to the
Seller, if any, shall be computed to the date of closing and
paid by the Seller; interest and other charges pre-paid by
the Seller shall be credited to the Seller at closing and paid
by the Buyer. (Other charges may include FHA mortgage
insurance premiums, private mortgage insurance premiums and Homeowners Association dues.)
Type of Deed: Property in our North Carolina market area is
customarily conveyed by a General Warranty Deed at closing.
Foreclosed properties are typically conveyed by Special
Warranty Deed.
Buyer Default/Extension to Perfect Title: In accordance with the
Earnest Money provisions of the contract, should the Buyer
breach the contract, the deposit is forfeited but this action does
not affect any other remedies available to the Seller for breach.
It is customary for the Seller to be automatically granted an
extension for a reasonable time to perfect any flaw found in
the Sellers title.
Time-Agreement of Closing: The average time from the execution of the sales contract to closing (Transfer of Title) is 30-60
days.

B. Obtaining a Mortgage
Sources of Mortgages: Most Buyers obtain their mortgages from
mortgage companies, credit unions, and in some cases private
financing. FHA/VA mortgages constitute a relatively small proportion of local loan activity.

Basic Terms of Mortgage: Mortgages written in this market generally do not contain a prepayment penalty clause. They do,
however, contain an alienation (or Due on Sale) clause that
prohibits assumption of the existing mortgage without the
lenders prior approval. VA loans are typically an exception.
FHA loans written prior to December 1986 are also exceptions.
Procedure: After the Buyer applies for a mortgage com-mitment, the lender orders a credit report and an appraisal of the
property. Verification of employment is generally required as is
verification of down payment and other financial resources.
Definition of Key Mortgage Instruments: The instrument that is
evidence of the debt incurred is called a Promissory Note,
while the security for the note is called a Deed of Trust.
Expediting the Application: In making a mortgage application,
the Buyer can expedite the process by having all verification
documents readily available. Included are a complete financial
statement (assets and liabilities), credit references, bank and
credit card account numbers and current balances plus any
other relevant material.
Mortgage Assumptions and Second Mortgages: Assumptions are
allowed in this market occasionally, and Sellers grant second
mortgages sometimes. VA loans are typically assumable at the
original rate. Conventional loans of less than 10 years are generally assumable only with the permission of the lender and
then at the current interest rate. FHA loans written after
December 1986 may be assumable subject to the Buyers ability to meet the lenders qualifying guidelines.
Bridge Loans: In general, commercial banks make interim
(bridge) loans to Buyers whose present home has not sold, or
if under contract, has not closed. However, some mortgage
lenders will not approve a borrowers credit until the Buyers
home has actually been closed.
Special Seller Financing: During periods of tight money, seller
financing is occasionally available. Seller financing is not frequently seen in this marketplace.

C. Closing (Transfer of Title)

Lawyers: The Buyers are customarily represented by an
attorney at closing, but the Sellers usually do not retain legal
counsel.
Title: The Buyer (or Buyers, i.e. husband and wife) usually
takes title as Tenant by the Entirety.
Special Power of Attorney: In the absence of the Seller, the listing or selling broker can represent him (or her) through a special Power of Attorney that names the real estate firm rather
than a specific individual within the firm. In the case of a
Power of Attorney for the Seller, it is necessary for the Seller to
execute a deed as part of this Power of Attorney. The Buyers
name must be included in the deed and the document must
be notarized.
Location of Closing and Recording: The closing is usually held in
the office of the Buyers attorney. Pertinent documents are
recorded at the County Courthouse.
Closing Costs: At closing, the Buyer pays with a certified check,
the balance due on the purchase price (the price less the
deposit and new mortgage loan) plus all other closing costs.
Customarily, Buyers in this market area receive an estimate of
closing costs prior to the actual closing. (See chart on back
page).
Utilities: The parties involved notify the utility companies (gas,
electric, water, and phone) to change billing from the Seller to
the Buyer, effective as date of closing or occupancy.
Pre-Conveyance Inspection: The Buyer has the right to walk
through the property just prior to closing to check on the condition of the house. Closing constitutes acceptance of the
property.
Possession: It is customary for the Buyer to take possession
immediately after closing unless other arrangements have been
made and put in writing. Recordation of the deed constitutes
closing.

Details of the Steps in

the Purchase of Property
A. The Agreement
Lawyers: Buyers and Sellers are not required by law to have an
attorney represent them in the transaction, but it is common
practice in North Carolina for Buyers to retain legal counsel,
while Sellers usually do not.
Purchase and Sale (Final) Agreement: The instrument that creates a valid, enforceable contract between the Buyer and the
Seller is commonly entitled Offer to Purchase and Contract.
The Offer To Purchase and Contract is a somewhat modified
North Carolina Bar Contract and major firms in the market
area use this or a similar instrument. The practices (or provisions) described on the following pages are based on the Offer
to Purchase and Contract. The form is preprinted, and may
be completed with assistance from a sales associate.
Customary Deposit (Earnest Money): The earnest money
deposit that accompanies the sales contract is usually 3-5% of
the purchase price. The deposit check is made payable to the
listing broker who places it in a non-interest bearing account
until closing.
Contingencies (Customary or Acceptable): The following contingency clauses are customarily included in the sales contract:
Typically, the Buyer is given six (6) weeks in which to
obtain a firm loan commitment. The principal amount of
the loan, the term (in years) and the maximum interest rate
are noted in the contract, together with the maximum
number of mortgage loan discount points.
Termite Inspection: Under the provisions of the contract, the
Buyer has the right (at his or her expense) to obtain an
inspection for termites, wood-destroying insects and organisms, and structural damage on Standard Form No. 1 in
accordance with the regulations of the North Carolina
Structural Pest Control Committee. If new construction,
the builder will typically provide a new construction termite bond. Extermination and/or repairs (if necessary) are
at the Sellers expense.
Component Inspections: The Buyer has the option to have
(at his or her expense) an inspection of the electrical,
plumbing, heating and cooling systems, and the built-in
appliances. The Buyer also has the option to have roof and
structural components of the property inspected. Any necessary repairs are at the Sellers expense. If the Seller does
not elect to complete the repairs, the Buyer may rescind the
contract.
Note: Occasionally, the sale of the Buyers present home is a contingency. In this case the Sellers home is usually kept on the market during this period. The Buyer is sometimes given a short period of time to negate the contingency in the event a new, bona fide
Buyer makes a second offer.

Restrictions: Recorded liens, encumbrances, easements and

restrictions are referenced in the contract.
Fixtures/Personal Property: The Offer to Purchase and
Contract contains a standard list of fixtures normally included
in the sale. It is important to list any personal property that is
expected as part of the sale. If there is a negotiated sale of personal property (as opposed to fixtures), this may be described
in the contract or become a matter of a separate agreement.
Adjustments: Adjustments (and prorations) are described in the
Offer to Purchase and Contract as follows:

Discount Points: Discount points are sometimes a factor in

obtaining a loan. Each discount point equals 1% of the loan
amount.
Other Lender Requirements: Special Fees. Customarily, lenders
require the following:
Loan Origination Fee: 1% of the new mortgage loan
New Plot Plan (Survey): $200-$300 (required if new loan)
Appraisal Fee: $300-$500
Credit Report Fee: $50-$75

Unless otherwise provided, the following items shall be prorated

and either adjusted between the parties or paid at Closing:

Title Insurance: $2.00/per thousand (unless the attorney

can get a re-issue rate)

Ad valorem taxes on real property shall be prorated on a

calendar year basis to the date of closing.

Termite Inspection: $75

Ad valorem taxes on personal property for the entire year

shall be paid by the Seller; unless the personal property is
conveyed to the Buyer, in which case, the personal property taxes shall be prorated on a calendar year basis through
the date of Closing.
All late listing penalties, if any, shall be paid by the Seller.
Rents, if any, for the property shall be prorated to the date
of closing.
Owners association dues and other like charges shall be
prorated through the date of Closing.
Accrued, but unpaid, interest and other charges to the
Seller, if any, shall be computed to the date of closing and
paid by the Seller; interest and other charges pre-paid by
the Seller shall be credited to the Seller at closing and paid
by the Buyer. (Other charges may include FHA mortgage
insurance premiums, private mortgage insurance premiums and Homeowners Association dues.)
Type of Deed: Property in our North Carolina market area is
customarily conveyed by a General Warranty Deed at closing.
Foreclosed properties are typically conveyed by Special
Warranty Deed.
Buyer Default/Extension to Perfect Title: In accordance with the
Earnest Money provisions of the contract, should the Buyer
breach the contract, the deposit is forfeited but this action does
not affect any other remedies available to the Seller for breach.
It is customary for the Seller to be automatically granted an
extension for a reasonable time to perfect any flaw found in
the Sellers title.
Time-Agreement of Closing: The average time from the execution of the sales contract to closing (Transfer of Title) is 30-60
days.

B. Obtaining a Mortgage
Sources of Mortgages: Most Buyers obtain their mortgages from
mortgage companies, credit unions, and in some cases private
financing. FHA/VA mortgages constitute a relatively small proportion of local loan activity.

Basic Terms of Mortgage: Mortgages written in this market generally do not contain a prepayment penalty clause. They do,
however, contain an alienation (or Due on Sale) clause that
prohibits assumption of the existing mortgage without the
lenders prior approval. VA loans are typically an exception.
FHA loans written prior to December 1986 are also exceptions.
Procedure: After the Buyer applies for a mortgage com-mitment, the lender orders a credit report and an appraisal of the
property. Verification of employment is generally required as is
verification of down payment and other financial resources.
Definition of Key Mortgage Instruments: The instrument that is
evidence of the debt incurred is called a Promissory Note,
while the security for the note is called a Deed of Trust.
Expediting the Application: In making a mortgage application,
the Buyer can expedite the process by having all verification
documents readily available. Included are a complete financial
statement (assets and liabilities), credit references, bank and
credit card account numbers and current balances plus any
other relevant material.
Mortgage Assumptions and Second Mortgages: Assumptions are
allowed in this market occasionally, and Sellers grant second
mortgages sometimes. VA loans are typically assumable at the
original rate. Conventional loans of less than 10 years are generally assumable only with the permission of the lender and
then at the current interest rate. FHA loans written after
December 1986 may be assumable subject to the Buyers ability to meet the lenders qualifying guidelines.
Bridge Loans: In general, commercial banks make interim
(bridge) loans to Buyers whose present home has not sold, or
if under contract, has not closed. However, some mortgage
lenders will not approve a borrowers credit until the Buyers
home has actually been closed.
Special Seller Financing: During periods of tight money, seller
financing is occasionally available. Seller financing is not frequently seen in this marketplace.

C. Closing (Transfer of Title)

Lawyers: The Buyers are customarily represented by an
attorney at closing, but the Sellers usually do not retain legal
counsel.
Title: The Buyer (or Buyers, i.e. husband and wife) usually
takes title as Tenant by the Entirety.
Special Power of Attorney: In the absence of the Seller, the listing or selling broker can represent him (or her) through a special Power of Attorney that names the real estate firm rather
than a specific individual within the firm. In the case of a
Power of Attorney for the Seller, it is necessary for the Seller to
execute a deed as part of this Power of Attorney. The Buyers
name must be included in the deed and the document must
be notarized.
Location of Closing and Recording: The closing is usually held in
the office of the Buyers attorney. Pertinent documents are
recorded at the County Courthouse.
Closing Costs: At closing, the Buyer pays with a certified check,
the balance due on the purchase price (the price less the
deposit and new mortgage loan) plus all other closing costs.
Customarily, Buyers in this market area receive an estimate of
closing costs prior to the actual closing. (See chart on back
page).
Utilities: The parties involved notify the utility companies (gas,
electric, water, and phone) to change billing from the Seller to
the Buyer, effective as date of closing or occupancy.
Pre-Conveyance Inspection: The Buyer has the right to walk
through the property just prior to closing to check on the condition of the house. Closing constitutes acceptance of the
property.
Possession: It is customary for the Buyer to take possession
immediately after closing unless other arrangements have been
made and put in writing. Recordation of the deed constitutes
closing.

TYPICAL CLOSING COSTS

ITEM

DESCRIPTION

AVERAGE COST

Guide to Buying Your Home

Loan Origination Fee This fee covers the lenders administrative cost in connection with the loan.

1% of loan amount

Discount Points

A one-time charge used to adjust the yield on the loan to market conditions.

Each point equals 1% of loan amount

Appraisal Fee

A fee for a statement of property value made by an independent appraiser.

$300-$500 conventional loan; $300 VA

loan; $300 FHA loan

Credit Report

A report obtained from a credit reporting agency detailing the borrowers credit history

$50 - $75

Funding Fee

Fee charged by the Veterans Administration on all VA loans.

2% of loan amount if veteran pays no

down payment; 11/2% if 5% down payment; 11/4% if 10% down payment; 3% if
veteran has used VA prior funding, not
putting down minimum of 5%

Interim Interest

Collected on the loan from date of closing for the balance of the month when closed
(except when the closing takes place on the 1st day of the month). Interest rate x the
loan amount divided by 365 = factor x number of days remaining in month = interim
interest.

Private Mortgage
Insurance (PMI)

Generally required on mortgages with a loan-to-value ratio of 80% and up. Some
lenders require the entire premium paid at closing while others require a percentage at
closing with monthly payments escrowed. Mortgage insurance protects the lender
from loss due to payment default. Mortgage insurance can allow borrower to obtain
up to 95% financing.

Premiums vary with coverage.

Hazard Insurance

Lenders require a fire (and extended coverage) policy covering at least the amount of
the mortgage. If the property is in a flood prone area, flood insurance is mandatory.

First year premium is paid at closing

Escrow Deposits

Funds held in an account by the lender to assure future payment for such recurring
items as real estate taxes, hazard insurance and mortgage insurance.

2 months hazard insurance;

2 months mortgage insurance;
5 months taxes (average)

The closing is normally handled by the Buyers attorney. The attorney is responsiblefor
obtaining title insurance, handling and computing the closing statement (including all
prorations and adjustments) and recording pertinent documents. The deed is normally
prepared by an attorney selected by the Seller. However, the Seller often chooses to
use the Buyers closing attorney for preparation of the deed.

$450-$600

Protects against loss due to problems or defects in the title which cannot be found or
arent found on public record. This insurance is required by the Lenders and the cost
is borne by the Buyer. It is a one-time fee payable at closing. Both lenders and owners policies are available. Although not necessarily required by the lender, an owners
policy is strongly advised.

$2 per $1,000 of coverage

Recording Fees

Recording fees for deed, deed of trust, and any and all other documents.

$35

Survey

A survey is required to show the exact locations of the house and the lot line, along
with easements, buffers and setback lines.

$200-$300

The Buyer submits a mortgage application to a

mortgage company, or other lending institution.

The closing attorney completes the final

statement, and records the documents at the
County Courthouse.

FHA Mortgage
Insurance

Mortgage insurance required by HUD. May be paid at closing or financed with loan
amount.

.0225 x loan amount(if financed)

The Lender orders a credit report, and if satisfactory, orders an appraisal of the property.

The Buyer (or Buyers, i.e. husband and wife)

takes title as Tenant by the Entirety.

Transfer Taxes

Transfer taxes in N.C. are computed on the selling price and are paid by the Seller.

$2.00 per $1,000

Home Inspection

The Buyers option to have a home inspection per Provision 12.

$200 - $450

Termite Inspection

A report from a N.C. licensed pest control operator stating as to the evidence of wooddestroying insects and resulting damage.

$75

Attorney Fee

Title Insurance

A General Overview
A. The Agreement
An Offer to Purchase and Contract is completed with a sales associates assistance, signed by
the Buyer and is accompanied by an earnest
money deposit of usually 3-5% of the purchase
price. When the offer is accepted, these funds
are placed in a non-interest bearing account by
the listing broker until closing. Then the earnest
money is credited to the Buyer on the closing
statement.
Usual contingencies in the contract: obtaining
a mortgage commitment, termite inspection,
component inspections.
The Seller agrees to convey the property by
General Warranty Deed.
The average time to closing (Transfer of Title) is
30-60 days.
The Contract is accepted and signed by the Seller.

B. Mortgage

Having verified the Buyers employment,

the Lender approves the Buyers credit and
the value of the property as collateral
for the loan.

hpw.com
Each office independently owned and operated.

The Lender approves the mortgage application

and sends documentation to the Buyers attorney
for closing.
The Lender orders mortgage insurance if
mortgage insurance is necessary.

C. Closing (Transfer of Title)

The Buyers attorney orders title insurance and
begins computation of closing statement and
preparation of other necessary documentation.
Utility companies need to be notified when title
transfers so the appropriate parties can be billed.
Closing is normally held at the office of the
Buyers attorney.
The usual closing costs include: loan origination fee (1% of the loan amount), discount
points, if applicable, private mortgage insurance if the loan is greater than 80% loan to
value, title examination and insurance, hazard insurance, credit report, survey, recording fees, and appraisal.

The Buyer typically takes possession immediately after the closing.

The place to be in real estate. Were all about home.