Buyer And Seller Charges By Loan Type

Dated: 07/29/2014

Views: 862

Below are the usual costs involved during the transaction between Seller and Buyer. Some of them are negotiable. Seller or Buyer may pay for the title policy based on the selection on Paragraph 7.1 or 7.2 or as modified in the additional provisions. Seller or Buyer may pay for the Owner’s Extended Coverage or split it 50/50 depending on what is selected in Paragraph 7.3.1. Seller Concessions, however, are usually paid by the seller, but what we see lately in this market is that due to the low inventory and multiple offers for properties, sellers refuse to pay Seller concessions. And those offers where buyers agree to pay Seller concessions pretty much win over the rest. Contact your lender and real estate professional to get a better picture of how these costs are finalized, because they could be difficult to understand.

Conventional Loan

 Buyer’s Costs:
1. Mortgagee’s title policy and endorsements
2. Record warranty deed
3. Record trust deed
4. Tax certificate
5. State document fee ($.01 per $100.00 of sales price)
6. Loan closing fee
7. Real Estate closing fee (generally ½)
8. Realty tax service fee (if lender charges)
9. First year homeowner’s insurance premium
10. 2-3 months hazard insurance premium
11. Tax reserve (1-2 months, depending on date of closing)
12. Loan origination and discount fee
13. Survey (if applicable)
14. Appraisal
15. Credit report
16. Interest on new loan (depending on date of closing)
17. Mortgage insurance premium (MIP)
18. Water and sewer adjustments
19. Simultaneous second mortgage closing fee (if applicable)
20. Simultaneous second mortgage title policy (if applicable)
21. Record second deed of trust
22. Flood certifications
23. HOA duties adjustments and/or transfer fees (if applicable /per contract)
 

Seller’s Costs:

1.    Loan payoff (per existing lender’s payoff letter)
2.    Owner’s title policy premium
3.    Release tracking fee
4.    Outstanding taxes (see tax certificate)
5.    Real estate taxes (Jan. 1 to date of closing)
6.    Water and sewer adjustments
7.    Real estate closing fee (generally ½)
8.    Commissions
9.    HOA dues adjustments and/or transfer fees (if applicable, per contract)
10. Seller concessions

FHA Loan

Buyer’s Costs:
1.    Mortgagee’s title policy and endorsements
2.    Record warranty deed
3.    Record trust deed
4.    Tax certificate
5.    State document fee ($.01 per $100.000 of sales price)
6.    Loan closing fee
8.    First year homeowner’s insurance premium
9.    2-3 months hazard insurance reserve
10. Tax reserve (1-2 months, depending on date of closing)
11. Loan origination and discount fee (per contract)
12. Survey (if applicable)
13. Appraisal
14.  Credit report
15. Interest on new loan (depending on date of closing)
16. Mortgage insurance premium (MIP)
17.  Water and sewer adjustments
18. Mortgage insurance reserve
19. Record assignment of trust deed
20. HOA dues adjustment and/or transfer fees (if applicable/per contract)
21. Loan origination
22.  Realty tax service (if lender charges)
Seller’s Cost:
1. Loan payoff (per existing lender’s payoff letter)
2.    Owner’s title policy premium
3.    Release tracking fee
4.    Water and sewer adjustments
5.    Real estate closing fee (generally ½)
6.    Real estate taxes (Jan. 1 to date of closing)
7.    Commissions
8.    HOA dues adjustments and/or transfer fees (if applicable, per contract
9.    Seller concessions
Denver Co Real Estate- Luba Jeltov
I specialize in Denver Colorado and surrounding communities of metro Denver area. If you are selling your home I will make sure you get TOP dollar. If you are looking to purchase a home I will make sure that you get the best deal possible. Please contact me directly via phone or text at 303-817-6818.

Luba Jeltov
Exit Realty Chery Creek
Direct: 303-817-6818    
Email: luba@exitrealtycherrycreek.com        
www.lubasellsdenver.com
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Sheryll White

As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....

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