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A number of costs come into play when purchasing a new home. These expenses can vary with each settlement, as well as from state to state. While there are no uniform pricing standards for these expenses, it is helpful to know what to expect. Below is a list of some expenses transferees should expect to encounter when buying or selling a home.
Closing Costs: |
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City/County Transfer Taxes (typically split between buyer and seller if existing construction and paid in full by the buyer of new construction.) |
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Closing Fee |
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Documentary Tax Stamps (typically split between buyer and seller if existing construction and paid in full by buyer if new construction.) |
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Flood Certification |
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Recording Fee |
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State Transfer Tax |
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Survey |
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Termite Inspection |
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Title Binder Fee |
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Title Charges |
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Title Insurance (Lender’s Policy & Owner’s Policy) |
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Prepaid Expenses |
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Appraisal |
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Accrued Interest (calculated by taking the number of days remaining in the month from the day of settlement to the end of month in which the transferee is settling) |
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Credit Report |
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Hazard Insurance |
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Mortgage Insurance |
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Real Estate Taxes |
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