Buyer pays, prior to closing:
Home Inspection Fees (range from $450-$1200, depending on scope of requested work and the individual Inspector chosen)
1% of the agreed selling price to accompany the written offer
Upon signing of the Contracts another agreed sum (usually between 5-10%) of the selling price, unless applying for an FHA loan, in which case the total deposit can be as low as 3.5%.
The Lender's Appraisal is often picked up by the lender if negotiated, or can be rolled into the mortgage, otherwise is runs about $400.
Buyer Pays at (or just before) Closing:
Home Insurance policy min 6 months pre-paid (required by the lender prior to closing), this ranges according to property value.
Title Search & Insurance (also required by lender prior to closing), this also varies based on value of the home. This service is often provided by the buyer's attorney but is separate from the legal fee.
Legal Fee; ranged from $750-$2500 depending on lawyer selected.
Taxes that have been pre-paid for the current half year are credited back to the seller and often this expense is rolled into the mortgage.
Buyer also pays the seller for any oil remaining in an oil tank, any gas in a propane tank, and in some cases any prepaid annual services.
Please feel free to call/text/email me anytime with your questions!
Realtor Lisa Jones
The buyer, as part of the process, will pay for all home inspections - building, pest, radon, well and septic where appropriate, the appraisal, title insurance and lawyers' fee as well. Those fees may include copying, FedEx etc. The lawyer's closing rates vary widely. Many real estate companies have an affinity relationship with a lender and lawyers. In that case the costs might be less.
By all means, have your real estate professional give you some suggestions and then interview them about their fees and services. Several days before the close you must get a good faith estimate of the total closing costs.
Here is a link to information on buyer closing costs which you may find helpful:
Typically, they are anywhere from 2%-5% of the cost of the property.
Here are some fees to expect but I suggest contacting a local lender to gain more insight on what the actual amounts may be for your particular loan:
-Credit report fee
-Property appraisal fee
-Title search and title insurance fees
-Document recording and survey fees
-Loan application fee
-Loan points and loan origination fee
-Attorney's fees (yours and your lender's)
-Escrow account balances
-Document preparation fees
Prudential Connecticut Realty