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What to Expect for Closing Costs & Closing Day:

 

Generally, but not in every case, your title agency will divide the costs between the buyer and the seller as follows:

 

Buyer:

  • Recording Fees – Record Deed: $10.00 first page, $8.50 each additional page; Record Mortgage: $10.00 first page, $8.50 each additional page

  • State Documentary Stamp Tax – $0.35 per $100.00

  • Intangible Tax on Mortgage – 2 mils per dollar of the exact mortgage amount (approx. $2 per thousand)

  • Taxes – Current year’s real estate taxes are prorated at closing – depends upon closing date, however it is required that there must be enough in escrow to pay for following years taxes.

  • Survey – $500* (varies)

  • Lender’s Title Insurance Policy – If issued simultaneously with the Owner’s Policy, $400-$600* (varies).

  • Endorsements to Lender’s Policy – 10% of the total amount of Title Insurance being issued. If there are additional endorsements, it will be an additional $35.00 for each one.

  • Express Mail – If applicable, charged to the appropriate party $25 – $50

  • Insurance –1st year’s premium must be paid at or before closing and additional 2 months must be escrowed.

 

Seller:

  • State Documentary Stamp Tax for Deed of Conveyance – $0.70 per $100.00 of the sales price or fraction thereof

  • Assessment Search – This charge will vary by city

  • Owner’s Title Insurance Policy – Based on the sales price ($5.75 per $1000) up to $100,000 & $5.00 per $1000 after $100,000.

  • Taxes – Current year’s real estate taxes are prorated at closing

  • Title Search, Exam and Closing Fee – Approximately $600.00*

Once your closing date and time has been confirmed with your realtor and title agency, you will then need to bring the following items to the closing with you (please confirm with your escrow officer before closing):

 

Buyer:

  • Buyer’s copy of purchase agreement

  • Cashier’s check for the amount needed to close, or proof of wired funds transfer

  • Proof of purchase of insurance for fire, casualty, etc.

  • Photo identification (passport, driver’s license, or state-issued identification card)

Seller:

  • Sellers copy of purchase agreement

  • Any unrecorded instruments that affect the title to real property

  • Proof of satisfaction of any mechanics’ liens, chattel mortgages, judgments, or mortgages that were paid prior to the closing

  • Photo identification (passport, driver’s license, or state-issued identification card)