There are costs, in addition to the purchase price, that you will incur at the time of closing. These closing costs are various fees charged by those involved with the transfer of the property from the seller to the buyer. Some fees are paid by the seller; some are paid by the buyer. Who pays what is always negotiable. Do not ignore closing costs as part of your total purchase amount.
What the Buyer Typically Pays
- All fees to do with obtaining the loan.
- Appraisal – to confirm the purchase price does not exceed market value.
- Home inspection – always have one to know what you are really getting.
- Pest inspection – required in most Southern states because, in humid climates, there are many crawly things that eat and destroy homes (termites, powder post beetles, flying ants, etc.).
- Homeowners insurance – typically prepaid for one year at closing.
View original post 947 more words