Real Estate Closing Costs Exposed
Saturday 16 February
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by Mark Walters
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Closing costs can come as a shock to anyone buying or
selling real estate - especially to investors. Here's
an explanation of the various expenses you must plan for:
Most lenders require a down payment of from zero to 20% for
a normal home purchase.
Lender's Loan Origination Fee
Government regulations allow 1% origination fee on FHA or VA
loans. Conventional loan fees can vary from 1 to 3 points or
more. A point is 1% of the loan.
About $300-$500. Non refundable.
$50-$60. Non refundable.
Tax Service Fee
In some areas a charge of approximately $75 by a tax service
company to verify to lender that taxes are actually being
Fee of approximately $250 up to 1% of the loan balance charged
by existing lender for permission to assume existing loan.
Pest Inspection Fee
A fee of $100 - $175 is charged for inspecting property for
wood destroying organisms (termites). Customary for the seller
At buyer's option: property inspections that cover foundation,
electrical, plumbing and overall construction at a cost of
$300-$400. Roof inspections cost $75-$125. Geological reports
about $100. Septic $200-$400. Radon $50-$100. Asbestos
Cost determined by a rate chart and is based on the loan
City Transfer Tax
Imposed within the corporate limits of some cities.
The VA does not allow the veteran buyer to pay any portion of
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