What are the typical Buyer closing costs?
[1] Some typical buyer closing costs may include the following. Note: what party pays for some of these costs may be negotiable under the Purchase Agreement, and not mandatory to be paid by either the buyer or seller. • The down payment • Buyer’s portion of the escrow holder’s fee • Loan fees (points (aka: loan origination fee), application fee, credit report fee, tax service fee, flood certification fee) • Appraisal fee • Prepaid interest on the loan • Private Mortgage Insurance (PMI) • Any impounds on the loan • Mortgage broker’s fee • Homeowner’s insurance • Buyer’s portion of title insurance • Inspection fees (if not paid for at the time of the inspection) • Home warranty plan (aka home protection plan) • Homeowner’s association transfer fee and fee to provide documents • Homeowner’s association dues (prorated) • Property taxes (prorated) – read further information below • Gas earthquake safety shut-off valve (applies in certain areas only) • Other fees as per the Purchase Agreemen
