There are certain basic fees associated with closing the sale of a house. These costs are usually split between the buyer and seller, as instructed in the sales contract. Many are universal, but there are nuances to each, so you'll want a real estate expert in Georgia to help show you through your deal.
Closing costs that are loan-related Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
Taxes commonly paid at closing
- Property Taxes
- Transfer Taxes and Recording Fees
Insurance fees due at closing
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
Closing Statement or HUD-1 - A Statement that is prepared for you by the Closing Attorney and your Lender that itemizes all of the costs to each party. At Closing, these figures will be discussed and if all are correctly represented, the Statement is signed by all parties. You may later need a copy of your Closing Statement to prove ownership or when you are preparing your tax return. Keep this in a safe place for easy access.
Sellers: As we hammer out your sale, not only will I work to get the optimal sales price, but I'll also campaign for lower closing costs. And once we've come to an agreement, I'll give a detailed list of the closing costs so you are aware of exactly where your money is going.
Buyers: If you are purchasing a property in Dekalb County, you will receive a "Good Faith Estimate" (GFE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's past experiences and is required to be within an appropriate range so you're not surprised when you come to closing time. I'll be happy to look at the GFE with you, answering your questions and highlighting any estimates that seem off.