Closing Costs

There are certain standard costs associated with closing the sale of a house here on the Outer Banks. These fees are split between the buyer and the seller, as spelled out in the sales contract.

As I negotiate the sales contract for you, I will not only work to get the sales price you want, I will also work to limit the number of closing costs for which you will be responsible.

I will walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

Good Faith Estimate

Buyers should receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender. The estimate is based on the loan officer's past experience and may not include all the closing costs. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.

 

Standard Closing Costs

Loan-Related Costs

  • Loan Origination Fee
  • Points (optional)
  • Appraisal Fee - about $425
  • Credit Report
  • Interest Payment -from closing till 31st
  • Escrow Account

Taxes

  • Property Taxes  prorated
  • Transfer Taxes and Recording Fees

Insurance

  • Homeowners Insurance Wind and Hail
  • Flood Insurance
  • Private Mortgage Insurance (PMI) - if less than 20% down
  • Title Insurance - 500+
  • Law closing fees and title exam 500+

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