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GUIDE TO THE
CLOSING PROCESS
Items Buyers will need at closing:
- Certified or cashier's check made payable to YOURSELF for your
closing costs and the balance of the down payment (per Good Faith
Estimate).
- Homeowner's insurance binder or policy on your new home along
with a paid receipt for the first year's premium.
- All Buyers and their spouses, if any, must be present at
closing.
- Picture ID for all Buyers.
- Previous addresses for the past 10 years.
- Other documentation as may be required by your Lender: i.e.
proof of sale of your current residence, gift letter, evidence of deposit of
funds, etc.
Items Sellers will need at closing:
- All Sellers and their spouses, if any, must be present at
closing.
- Picture ID for all Sellers.
- Previous addresses for the past 10 years.
- Code compliance (if applicable).
- Septic inspection (if applicable).
- Truth in Housing inspection (if applicable).
WHO
PAYS FOR WHAT?
The
following are fees typically collected at closing and customarily paid for by
the
SELLER:
- Real Estate Commission
- Administrative
Compliance Fee
- Closing fee
- Abstract of Title
- Owner's Premium (when
no Abstract has been provided)
- Assessment Search
- Recording fees for well
disclosure, satisfactions of mortgage and any other documents necessary to
clear title
- State deed tax
- Conservation fee (where
applicable)
- Courier fee (where
applicable)
- Recording service fee
BUYER:
- Administrative
Compliance Fee
- Lender fees i.e. loan
origination fee, appraisal fee, credit report, etc.
- Escrow fees - funds
needed to establish escrow account for tax and insurance payments
- Closing fee
- Lender's title
insurance premium and service fee
- Owner's title insurance
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