Home Buyers in Katy Guide to Typical Closing Cost Payments
Home buyers routinely ask what items of closing costs will I have to pay for and what about the seller? Every deal is unique and of course subject to negotiation. Katy has been in a Sellers Market mode for some time. Sellers right now are not willing to negotiate very much concerning closing costs or discounts from home listing price. Buyers will also have to pay what most folks term as prepaid items. I will not separate Closing Costs and Prepaids as frankly it doesn't make any difference in my mind. This post I will cover a list of items a Home Buyer will typically pay for at the closing table.I will write the corresponding list of items typically paid for by the sellers in a separate article.
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Buyers will normally pay for these items:
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Lender’s ( Buyers Lender) title insurance which is not the owner’s title insurance.
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Document preparation fees when applicable.
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Escrow Fee (one half)
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Loan Interest
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Proration of Homeowners Association dues.
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Home Inspection fee
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Termite Inspection fee ( based on contract)
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Notary fees
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Recording fees for all documents in Buyer’s name.
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Lender Loan charges
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Homeowner’s insurance premium which is usually for a one year term.
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State Guarantee fee.
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Home Warranty ( per contract)
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Downpayment
The amount of these fees will of course vary depending on the buy/sell economics.
If you are unsure what any of these are then contact me and lets walk our way through the economics of a potential deal. It is still an excellent time to buy a home in Katy and lets get started.
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