February 18th, 2011 12:52 PM by Teresa Molina
As a buyer you will be expected to pay certain fees associated with your purchase. Here is a list of some of these costs:
-Title Insurance premium( loan policy)
-Escrow fee(50%), recording fees for changes on documents in Buyer's names, tax prorations, tax proration, sub-escrow fee, escrow tie in fee
-Document preparation(if applicable), homeowner's transfer fee(if applicable) City Transfer/Conveyance Tax(according to contract)
-Fire Insurance Premium for first year
-Notary Fees
-Loan Fees(your loan officer will give you a Good Faith Estimate that will include all fees associated with your loan within 3 days of your application and identification of a property)
Many of these costs are negotiable at the time you write your offer. The Seller may pay some of these costs if you ask them to. It is best to talk to your Real Estate Agent about these fees and who will pay for what when you write your offer. Take the time to go over the costs before hand so you will know what you are getting into.
I hope you find this information helpful!