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In almost all Real Estate transactions, there are closing costs that are above and beyond your down payment and escrow deposit.
Most of these costs will appear on your settlement statement and, if you're getting a mortgage, MUST be disclosed via a Good Faith Estimate
prior to signing a loan application. Several items will most likely be expected to be paid in advance-especially any Home Inspections.
Other expenses paid at closing may include, but are not limited to:

·         Property Survey (unless the seller has an acceptable certified copy available)

·         Lender’s Title Policy (usually costs approx. $300.00)

·         Pest Inspection (usually ranges between $75.00 and $125.00 depending on size of home)

·         Home Protection Plan (this is optional and coverage varies between providers)

·         Deed Recording Fee (normally between $175.00 and $250.00)

·         Homeowner Association Fee (pro-rated at closing)

·         Condominium Association Fee (if applicable)

·         Loan Closing Costs (unless paying cash for your purchase)

o         Property Appraisal Fee

o         Credit Report

o         Loan Origination Fee

o         Discount Points

o         Tax Service Fee

o         Flood Certification

o         Processing Fee

o         Underwriting Fee

o         Endorsements

o         Recording Fees

o         Documentary Stamps on your Mortgage (35 cents per $100.00 of loan amount)

o         Intangible Tax

o         VA Funding Fee (if applicable)

·         Other Prepaid Fees

o         Pro-rated Property Taxes

o         Homeowner’s Insurance

o         Flood Insurance (if required, optional if not)

o         Condo/HOA Fee (pro-rated at closing)

o         Interest to Day of Closing

Please keep in mind that each home purchasing situation is different. In certain instances it may be possible to request that the seller pay some,
if not all, of the above closing costs and prepaid items. That is part of the negotiation process. Not all sellers are in a position to pay those
expenses, but it never hurts to ask! New home construction purchases may have some additional fees involved. As an
ABR (Accredited Buyer’s Representative), I will be more than happy to answer any questions you may have regarding the above.

Copyright 2010 | Bruce Kwitny | 38 Suntree Place, Ste. 2, Melbourne, FL  32940 | Phone: 321-508-7209 | RE/MAX Elite | Each Office Independently Owned & Operated