Buyer

  • Fire and extended coverage insurance policy in the amount of the mortgage. This must be presented at closing. Recommended: Homeowners policy to cover both mortgage amount and your equity in the home.
  • All buyers should be present. If this is not possible, tell your attorney or title company in ample time to see if they can make special arrangements.
  • Bring certified check to closing, made out to you in the amount of the purchase price less down payment and mortgage, to be endorsed to proper parties at closing.
  • Bring some personal checks to cover miscellaneous closing costs, such as attorney’s fee, tax or insurance escrow or adjustments, fuel oil, etc.
  • Order telephone service.
  • We will take care of having utilities transferred except telephone, if you desire.
  • Check your new post office address zip code.

Seller

  • All sellers should be present at closing to sign deed and affidavit of title or arrange with attorney to sign ahead of time.
  • You must have an attorney or title company to prepare deed and affidavit of title for the purchaser. They will need your present deed. For the preparation of the affidavit for a married couple, they need to know the wife’s maiden name and if you or your spouse has been married before to anyone living.
  • Bring personal checks for miscellaneous items such as attorney, revenue stamps, etc.
  • Have all keys at closing.
  • Please give your realtor your forwarding address.
  • We will take care of having utilities transferred, except telephone, if you desire.

Summary of Estimated Closing Costs

  • Mortgage application: $250-400
  • Points: 1 point equals 1% of the mortgage amount. Example with $70,000 mortgage, 1 point = $700
  • Attorney’s fees: $650-1000
  • Recording fees for Deed & Mortgage: $80-100
  • Title Search: $150-200
  • Title insurance: $3.25 per $1000 of sale price up to $500,000; $2.00 per $1000 os sale price up to $2,000,000
  • Survey: $350 & up
  • Homeowner’s insurance policy: based on variables, $400 & up Single family; $250 & up condos
  • Flood insurance: $350-400 depending on mortgage amount and location of property.
  • Private Mortgage insurance (PMI): Required with less than 20% down payment;
    varies:

    • 5% down -.78 of mortgage amount / 12 = monthly PMI cost
    • 10% down -.52 of mortgage amount / 12 = monthly PMI cost
    • 15% down -.34 of mortgage amount / 12 = monthly PMI cost
      1 to 2 months PMI is paid at closing
  • Tax adjustment: Example: on a $200,000 house taxes of $2800 annually , $0-700 depending on which day of the quarter you close.
  • Tax escrow: Example: on a $200,000 house taxes of $2800 annually , $770-950 depending on which day of the quarter you close.
  • Special assessments: Example: Sewer of Curbing.
  • Interest adjustments: Example: With a $100,000 mortgage at 8% = $734 per month which is prorated per day
  • Radon Inspection: $75
  • Termite Inspection: $75-200
  • Home Inspections: $250 & up
  • Fuel Oil: $0-500
  • Review fee: Fee to lending institution if you use other than their attorney, $100-350
  • Realty transfer fee: (generally paid by seller)
    Standard rates: $1.75 per $500 up to $150,000, $2.50 per $500 over$150,000
    New Construction:
    $.75 per $500 up to $150,000, $2.50 per $500 over$150,000
    Sr. Citizen – 62 & over, or blind or disabled:
    $.50 per $500 up to $150,000, $1.25 per $500 over$150,000

*The above costs are approximate and are subject to change.