I just called a realtor about a certain foreclosure to ask about the banks habits with seller paid closing costs. He mentioned that the bank would only pay non-recurring costs.
I figured most people who aren't realtors have no idea what the different is so I'll clear this up for everyone.
Recurring Closing Costs - Are costs associated with buying a house that happen every month.
-Taxes
-Interest
-Property Taxes
-Insurance
-Home Owner Association Dues
Nonrecurring Closing Costs - Are costs that happen only once.
-Appraisal
-Notary Fee
-Title Insurance Policy
-Any anything else that is only required once to complete a transaction
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