Closing costs should not be intimidating or misunderstood. They should be explained to the client at the beginning of the home buying or selling journey. Of course closing costs are going to be different in each and every real estate transaction. Each brokerage, state, city, title company, etc.. have different, if only slightly, taxes and fees. As an agent, it is easy to estimate and get pretty close. An itemized list is the easiest way. This is the closing cost list in DC.
-Broker fee (if any)-paid to the brokerage for admin fees.
-Loan Origionation Fee- Paid to the Lender for admin and writing fees
-Flood Certification(if applicable)
-City or County File fee
-Daily interest Charges for the remainder of the month
-Title Services and lender's title insurance
-Government Recording and Transfering Charges
-Additional Settlement Charges such as move in fee or up coming coop or condo fee and home warranty but that really should be covered by the seller.
Closing costs can range from 4-6% for depending on the loan type, buyer credit, and down payment amount.
-Broker Fee (if any)
-Commission paid at settlement
-Settlement Fee, notary fee, UPS fee, wire payoff fee, wire proceeds fee, storage fee,
-Economic Interest Deed Fee
-Admin and Inspection Fee
-Past due Balance to condo, coop or HOA
-Home Warranty if aggreed upon
-payoff of Mortgage
-Escrow for ownership Documents
-Unpaid taxes or leins on property
Though this is an incomplete list, each can be indiviidually researched to give a better understanding about the closing process.
Please contact me if you are interested in buying or selling a home in Washington DC.
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