What are Real Estate closing costs?
Real Estate closing costs are fees paid by buyer and/or seller to close your real estate transaction. Closing is transferring/conveying title from seller to buyer. Buyers are responsible for most closing costs. However, the seller may agree to help cover these costs as part of the negotiations. For example, a home warranty may be an expense the seller is willing to pay.
Here are typical closing costs in the purchase and sale of property:
Title costs (title searches and title insurance)
Loan fees originate from lender (appraisal, admin, origination , underwriting etc)
Government fees (recording deed, transfer tax, intangible tax)
Commissions to brokerage- paid by seller
Termite letter aka wood infestation report
Septic letter in rural areas
Funding fees- this is a fee for VA, FHA and USDA loans
Closing costs will vary based on each loan type and every lender may have different costs. As a result, you need to do your homework to find the best options for you.
First, find a Realtor that?s an expert in your desired search area. Have they sold any large parcels of land or just residential homes? Secondly, look for a lender that is knowledgeable about the local market. Are they able to do a mortgage on a Georgia Power leased lot? Finally, don?t hesitate to ask questions.
Jamie and Terri Griffis own 1827RealEstate.com We specialize in Harris county Ga lake, home and land sales. The office is located at 5153 Ga Hwy 219 Fortson Ga 31808. Jamie and Terri are licensed in Georgia and Alabama.