As a buyer or seller, there are a few fees included in a real estate transaction other than the list price of the home. For buyers, there are home inspection costs and appraisal fees. For sellers, you have the possible cost of repairs before you list the house and while you are under contract. Then there are closing fees. For many first time sellers and buyers, those two words are a bit of a mystery. Below is a cheat sheet of possible closing costs and to whom the responsibility lies.
As you can see, some of the fees do not apply to all home purchases. For example, it is not customary to buy flood insurance if the home you’re purchasing doesn’t fall in a floodplain. And one wouldn’t have to bother with HOA dues or assessments if the house in question isn’t in an HOA community.
When all of the inspections are finished, negotiations completed, and the preliminary title report cleared of any issues, both parties will schedule signing. Often, escrow officers will send out estimated closing statements to all parties for review before signing the closing documents. That is the perfect time to call your escrow officer and ask them to walk you through the fees.
Remember, while home sales can be daunting, both sellers and buyers have multiple expert resources at their disposal should any questions or issues arise. Reach out to your escrow officer, lender, inspectors, or realtor as often as needed. Helping you have a positive real estate transaction is not only their job, it’s their goal.
All the best,
Tanya
