Engel Volkers Buyer & Seller Guide Bozeman - Manual / Resource - Page 71
E n g E l & Vö l k E r s | B U Y E r s g U I D E
Closing costs
Below are some typical closing costs you may incur during the home selling process. The title and escrow
company will review and explain your closing statement during your signing appointment.
Title insurance premium
Escrow fees
Fee paid by an individual to insure a marketable title or, in
the case of a lender, to insure the lien position.
Fees charged by a title and/or escrow company for services
rendered in coordinating the closing and preparing
documents necessary to close a real estate transaction.
Transfer and assumption charge
Fees charged by a lender to allow a new purchaser to
assume the seller’s existing loan.
Inspection fees
Taxes
the seller may be required to reimburse the buyer for
property taxes, depending upon the month in which the
transaction closes.
the cost for inspections performed.
Real estate commission
Loan fees
Fees charged by a lender in connection with the processing
of a new loan. these may include points, origination fee and
credit report.
Fee paid to a real estate Broker for services rendered in
listing, showing, selling and consummating the transfer of
property.
Homeowner’s insurance
Recording fees
Fees assessed by a county Recorder’s offi ce for recording
legal documents of a real estate transaction.
lenders typically require the first year of fire and hazard
insurance be paid by escrowing funds.
Closing fee
Prepaid interest
Depending upon the time of month a loan closes, the per
diem charge may vary from a full month’s interest to a few
day’s interest.
listed on the buy-sell and typically split between buyer/
seller. this is a title company fee to close the transaction.
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