Your question is posted as "home buying" - so I am answering the question accordingly.
Loan Fees: Appraisal ($300-$800), Application, Credit Reports
Points (1% per point - Rarely paid in todayâ€™s market)
Insurance - Homeowners ($1500-$2200) + Flood Insurance ($300-$3000 depending on if property is in a flood zone, at which flood insurance is mandatory.)
Title Search and Insurance ($2400 - $3000)
Millionaireâ€™s Tax ($20,000) - This is a buyerâ€™s tax. However all fees are open to negotiation, and the seller does contribute toward this expense in some transactions. Generally that is more likely with properties nearer to the 1M-1.2M range with 20% down.
Transfer Tax - ($22,000) - This is a sellerâ€™s tax. As mentioned about the millionaireâ€™s tax, items are open to negotiation. In most transactions, the seller does pay the transfer tax.
Inspections - Not paid at closing table, but a cost of acquisition. Inspection fees will vary according to property. A basic inspection may be $500-$800. Special needs, waterfront, engineering, second level inspections, etc. can raise inspection fees another $500 - $2000.
Attorney Fees - $1200 - $2000. If asking an attorney about fees, make sure to inquire about â€œtotalâ€ fees inclusive of all ancillary add-ons such as paralegal, title review, doc prep, etc. Otherwise, you might only receive a fee quote for legal services.
Buyer Agent Fees - If not covered by the Seller. Most buyer agent expenses are covered by the seller of the property.
Misc Recording Fees - $200
Although not a â€˜feeâ€™ since it is your money, at closing, you will also make your initial escrow deposits. Closing is also the only time that you prepay interest, making a payment to the lender for the time period from the day of closing through the 1st of the month. The time of month that you close will dictate how many days of payment you will make. Closing toward the end of the month minimizes this, but your due date of your first payment will come sooner.
If you have further questions or our team can assist you further, please let me know. Our team members are located throughout Monmouth and Ocean Counties.
Deborah Madey â€“ Broker
Peninsula Realty Group
(732) 530 7755 Main
(732) 764 8450 Mobile