Closing Costs Bob Castellini 602-577-7383 Rob Castellini 602-526-5266

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Understanding Closing Costs
*Questions often come up from buyers and sellers regarding who pays for what when it comes to closing costs. The fact is some costs are completely negotiable, while others are stipulated by government regulations. However, buyers and seller can generally expect to pay the following:
If you are the Buyer If you are the Seller Lenders title policy premiums (if it is a new loan) Document preparation (if applicable) Notary fees Recording charges for all Buyers documents Escrow fees (half, except for VA Loans where the Seller is required to pay all) Homeowners Association transfer fees, typically one-half Two months of Homeowners Association dues All costs related to the buyers loan(s), either new or assumed (except where the Seller is required to pay by the lender) Interest on new loans from date of funding to 30 days prior first payment due Home warranty premiums as agreed by the contract Hazard insurance premiums for the first year All prepaid items, usually interest of escrow account funds Courier fees Professional home inspection fees Owners title insurance premiums Realtor commissions Escrow fees (half, except for VA Loans where the Seller is required to pay all) Any loan fees required by Buyers lender All loans in Sellers name (unless being assumed by the Buyer) Fees related to paying off the Sellers loan(s), interest accrued, statement fees, pre-payment penalties Termite Inspection as agreed by contract Home warranty premiums as agreed by the contract Homeowners Association transfer fees, typically one-half Homeowners Association Disclosure fees Unpaid Homeowners Association dues Any judgments, liens etc. against Seller Recording charges to clear all Sellers documents of record Property taxes prorated to the date the title is transferred, plus any delinquent taxes Any bonds or assessments as agreed by the contract Courier fees Septic fees as agreed by the contract Any repairs paid in escrow, as agreed by the contract     * This information is provided as a guideline only. Actual responsibilities for closing costs will vary from contract to contract any no assumptions should be made based on the information provided.