The closing is the culmination of the contract. All contingencies should be satisfied. The buyer performs a final walk through of the home and then meets with their attorney to sign the various mortgage documents. The buyer and seller meet for the transfer of title. The seller’s sign the required documents to sell the home. Both buyer and seller sign the closing statement indicating agreement to the dollars and cents, which authorizes the settlement agent to disburse the funds. The Seller then celebrates a new page in their life.
Typical Buyer's Closing Costs:
|Typical Buyer Closing Costs:||Estimates|
|Lender Fees||$300 – $1000|
|Home Inspection||$300 – $800|
|Pre-Paid Interest||$ daily interest for remaining days in month|
|Real Estate Taxes||4 – 5 months|
|Home Owners Insurance||$900 (varies with purchase price)|
|Title Search||$400 – $500|
If property $1,000,000.00, then 1% mansion tax
Below find a guide to the buyers closing costs and a general discussion of closing costs.