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  by Lothar

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  When buying or selling real estate closing costs can come as

a shock. Here's an explanation of the various expenses:

Down Payment

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.

Appraisal Fee

About $300-$500. Non refundable.

Credit Report

$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


Assumption Fee

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

to pay.

Optional Fees

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


Title Insurance
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