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Closing Costs --- What exactly do the buyer and seller have to pay for?
Firstly and mostly the average consumer should know that all closing costs are open to negotiation. This means that in any given contract, any expense can be paid by either the buyer or the seller. However, there are costs that typically related to the purchase and those are paid by the buyer. Likewise there are costs related to the sale and those are most usually paid by the seller.
Here's a list some of the typical concerns for real estate purchases, with specific notes for the condominium purchaser. Some of these (like Home Inspection) are optional and a few of these are only required from some buyers (like PMI).
Bank costs, including application fee, credit report, appraisal or inspection fee, processing, bank attorney fee. These fees are related to the acquisition of the loan and thus an expense of the buyer and usually paid by the buyer. These fees include discount points and origination points. Each point is 1% of the mortgage amount. Discount points reduce the interest rate. Origination points are paid to the bank or broker to make the loan. Attorney fee for representation of Buyer interest at settlement. In some states, a lawyer is paid to negotiate the ... more
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