Home Buying in 89117>Question Details

Daryl, Home Buyer in 89117

cash purchase nevada what closing cost do i pay

Asked by Daryl, 89117 Tue Oct 20, 2009

they have added Misc $500
documennt storage $425
recording fees $129
document prep $200
The sale is for 75000. these seem to be fabricated charges or charges to be covered by seller. Am I correct?

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3
You didn't say who figured these charges for you. Often agents will pad their estimates so that there is not a problem at the close. The seller has his own set of closing costs that you probably are not seeing. Please ask your agent and your escrow officer what the fees are. They can explain each one to you. You may find that some, like the "Miscellaneous" is a pad to adjust for variations caused by changes in pro-rated items that happen when the actual close date changes. If those funds are not necessary, they will be refunded to you. The document storage fee is a fixed amount charged by your agent or their brokerage. You should have signed a document stating that you would pay that fee when you first started working with the agent or at the time the offer was written.

Don't be afraid to ask, and good luck.
0 votes Thank Flag Link Wed May 2, 2012
Hi Daryl,
Typically, Buyer closing costs average about 1.5%. There are variables because different title companies, different agents, different real estate firms all have their fees. The Misc. fee might be a pad, in which case it is refundable if it is not needed. Other than the 500.00, these fees are reasonable. I work for a full service brokerage, and our fees are similar. Hope this helps, and good luck with the closing! Diane
0 votes Thank Flag Link Thu Oct 22, 2009
Not necessarily. The misc is usually a refunded amount or a Pad to cover any incidental costs. If it is not used, it will come back to you. $500 seems like too much for a $75,000 sale, but the specifics of your purchase may have warranted it. Document storage or transaction fees are often times charged by Realtors since they do have to pay for transaction coordinators, etc. I have never heard of a document prep from a Realtor, lenders sometimes charge it, or it could be a title company charge. Ask who it is being paid to. Recording fees usually are $65-$90 but the title company can explain why it may be more. The HUD 1 settlement statement will be a more acurate accounting than a estimated cost sheet that Realtors prepare. You have the right to have all fees explained to you by the agent, their broker, and the title company. Ask questions. All fees are negotiable and each contract is unique as to who pays what. If you have agreed to it contracturally, it is yours to pay. If the fees are being paid to the broker and are those outside the purchase agreement, or buyer's broker agreement, you have the right to have them explained.

Best of Luck.
0 votes Thank Flag Link Tue Oct 20, 2009
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