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Corey Sprague, Realtor, REOS's Blog

By Corey Sprague, Realtor | Agent in Milton, MA
  • Sellers General Closing Costs

    Posted Under: General Area in Massachusetts, Home Selling in Massachusetts, How To... in Massachusetts, Property Q&A in Massachusetts  |  January 21, 2011 7:54 AM  |  633 views  |  No comments

    Brokers Commission- Most often the seller pays the commission

    HUD-1, Line 703

    Discharge Tracking- Typically ranges from $75 - $125 per discharge 

    HUD-1, Line 1111


    Discharge Recording Fee- $75 per mortgage discharge

    HUD-1, Line 1201


    Deed Stamps- Calculated at $4.56 per thousand of the purchase price

    HUD-1, Line 1203


    Miscellaneous Recording Fees- $75 per document (ex: if condo, $75 for the 6(D) certificate
     

    Final Water/Sewer- Typically for single-family houses only

    HUD-1, Line 506

    Legal Fees- Attorney fee to seller’s attorney ranges from $500 - $1500

    HUD-1, Line 508


    Payoff Line- Payoff seller’s existing mortgages

    HUD-1, Line 504

  • Buyers General Closing Costs

    Posted Under: Home Buying in Massachusetts, How To... in Massachusetts, Property Q&A in Massachusetts  |  January 21, 2011 7:44 AM  |  1,065 views  |  2 comments

    Appraisal Fees- Appraisal fees are around $350.00.

    Lenders Title Insurance- Costs $2.50 per every $1,000.00 borrowed. It protects a lenders financial interest in real property against loss due to title defects, liens or other matters.

    MA Real Estate Property Tax Escrows- 3-6 months’ tax & insurance escrows are typically required by the lender, depending upon several variables. This 3-6 months of tax funds are held with the lender who will pay your tax bill on your behalf. Example: Purchase Price = $400,000. Property Taxes Annually =$6,000

    Home Owners Insurance Lender’s Fees- The lender will require the 1st year’s insurance premium paid in full prior to closing. Typically the lender will also require 3 months of insurance premiums to be held in escrow, also paid at closing. These can consist of several different items and are somewhat subjective upon buyer’s down payment, credit score, type of loan requested, work history, etc. Lender’s fees could consist of loan points, document preparation, underwriting & processing, etc. They are usually prorated with the loan amount.

    Title Company or Attorney Closing Costs- Typically between $500 - $800. This fee covers title search & closing document preparation. $125 - $200

    Deed Recording Fees Home Inspection- $350 - $850 depending on several variables such as property type, septic, water, radon, etc.

    Buyers Agent Fee- Often times the Buyers Agent/Agency fee is paid by the Seller from the proceeds of the sale. Occasionally the Buyer is responsible to cover a portion of the Buyers Agency fee. Sometimes, this fee can be negotiable, and can range from .25% to 3% of the purchase price.

 
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