Closing on your home can be stressful, but you can minimize the stress by knowing what to expect. Plus, it helps to work with good people, so choose your Realtor®, Mortgage Lender, and Title company with care. We encourage you to refer to Bella Casa’s list of Business Referrals. Also see a previous post explaining What Happens in Escrow.
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THE BUYER NORMALLY PAYS FOR:• One-half of the escrow fee (according to contract)• Lender’s title policy premiums (ALTA)• Document preparation (if applicable)• Tax pro-ration (from date of acquisition)• Recording charges for all documents in buyer’s names• Fire insurance premium for first year• Home Warranty (according to contract)• Inspection fees (according to contract): roofing, property, geologial, termite, etc.• All new loan charges (except those required by lender for seller to pay)• Interim interest on new loan from date of funding to first payment date
THE SELLER NORMALLY PAYS FOR:• One-half of the escrow fee (according to contract)• Work orders such as termite inspection and work (according to contract)• Owner’s title insurance premiums• Real estate commission• Any judgments, tax liens, etc. against the seller• Any unpaid Homeowner Association dues• Home Warranty (according to contract)• Any bonds or assessments (according to contract)• Any loan fees required by buyer’s lender (according to contract)• Recording charges to clear all documents of record against seller• Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)• Interest accrued to lender being paid off, reconveyance fees and any prepayment penalties
Article Source: Ticor Title 503-472-6101
829 N. Hwy 99W, McMinnville, OR 97128