Potential buyers closing costs in Lake Orion MI.
Real property is transferred from the seller to the buyer through a real estate contract. The contract is executed and the title to the property is transferred to the buyer at closing. A variety of costs associated with the transaction is to be paid by either the buyer or seller. These costs are paid at the closing and are known as closing costs.
Closing costs might include:
Title Service Costs * Recording Fees * Transaction Stamps or Taxes * Survey Fee * Brokerage Commission * Mortgage Application Fees * Points * Appraisal Fees * Inspection Fees * Home Warranties * Pre-paid Property Insurance * Pro-rata Property Taxes * Pro-rata Homeowner Association Dues * Pro-rata Interest.
Federal law requires that all residential transactions financed by a mortgage have all closing costs documented in detail on the HUD-1 form.
Donald Horne, Team Success Listing
Associate Broker for Coldwell Banker Shooltz Realty