Here's a riddle for you....

Real Estate Agent



Q: How can a home buyer go through the entire home-purchase process: make a satisfactory offer; have a satisfactory inspection; receive a motgage committment and attend a closing, but not wind up with a home?


A: By not knowing that there are closing costs that are due... at the closing.


To prevent all of the work and none of the payoff, as well as having a furious client, it is so important to tell your clients what to expect from the process... beginning to end...


The following is a list of cost that I found on an attorney's web site of what to expect at closing:


Attorney fee.. $700.00

Title Search and Review.. $150.00

Courier Fee.. $ 36.00

Recording Fee.. $190.00

Title Insurance(Owner Policy).. $1050.00

Homeowners Insurance (Unless Condo).. $900.00

Year must be paid ahead and in full

Town or City Taxes.. $2625.00

If taxes are due within 60 days of closing

Apportionment-Oil or Propane.. $380.00

If there is oil or propane at the residence

Apportionment-Taxes.. $0.00

Take Yearly Taxes and divide by 365, then Multiply by number of days till taxes are due.  For example; Closing is 12/1/2010 and taxes are $5,250.00. $5,250/365= $14.38 per day. $ 14.38 x 31 (days until next tax payment)= $445.78


Note: The numbers for Attorneys fee, Title Search & Review, Courier Fee and Recording fee do not change as sales price change. The numbers following change as sales price, tax rate, oil or propane amounts change.


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