Estimated Closing Needs

Buyer

• Fire and extended coverage insurance policy in the amount of the mortgage. This must be presented at closing. Recommended: Homeowners policy to cover both mortgage amount and your equity in the home.
• All buyers should be present. If this is not possible, tell your attorney or title company in ample time to see if they can make special arrangements.
• Bring certified check to closing, made out to you in the amount of the purchase price less down payment and mortgage, to be endorsed to proper parties at closing.
• Bring some personal checks to cover miscellaneous closing costs, such as attorney's fee, tax or insurance escrow or adjustments, fuel oil, etc.

• Order telephone service.
• We will take care of having utilities transferred except telephone, if you desire.
• Check your new post office address zip code.
   

• Bring personal checks for miscellaneous items such as attorney, revenue stamps, etc.
• Have all keys at closing.
• Please give your realtor your forwarding address.
• We will take care of having utilities transferred, except telephone, if you desire.
   

• Title insurance: $3.25 per $1000 of sale price up to $500,000; $2.00 per $1000 os sale price up to $2,000,000
• Survey: $350 & up
• Homeowner's insurance policy: based on variables, $400 & up Single family; $250 & up condos
• Flood insurance: $350-400 depending on mortgage amount and location of property.
• Private Mortgage insurance (PMI): Required with less than 20% down payment;
  varies:
  • 5% down -.78 of mortgage amount / 12 = monthly PMI cost
  • 10% down -.52 of mortgage amount / 12 = monthly PMI cost
  • 15% down -.34 of mortgage amount / 12 = monthly PMI cost
    1 to 2 months PMI is paid at closing
• Tax adjustment: Example: on a $200,000 house taxes of $2800 annually , $0-700 depending on which day of the quarter you close.
• Tax escrow: Example: on a $200,000 house taxes of $2800 annually , $770-950 depending on which day of the quarter you close.
• Special assessments: Example: Sewer of Curbing.
• Interest adjustments: Example: With a $100,000 mortgage at 8% = $734 per month which is prorated per day
• Radon Inspection: $75
• Termite Inspection: $75-200
• Home Inspections: $250 & up
• Fuel Oil: $0-500
• Review fee: Fee to lending institution if you use other than their attorney, $100-350
• Realty transfer fee: (generally paid by seller)
  Standard rates: $1.75 per $500 up to $150,000, $2.50 per $500 over$150,000
  New Construction:
  $.75 per $500 up to $150,000, $2.50 per $500 over$150,000
  Sr. Citizen - 62 & over, or blind or disabled:
  $.50 per $500 up to $150,000, $1.25 per $500 over$150,000

*The above costs are approximate and are subject to change.