Anticipated closing costs
There are certain expected fees accompanying closing the sale of a house. These costs are usually divided between the buyer and seller, as instructed in the sales contract. Many are conventional, but there are nuances to each, so you’ll want a real estate expert in New York to help direct you through the deal. We can explain these for you but, it’s always best to have your attorney explain them as they will be calculating them just before the closing.
Closing costs that are loan-related (Click here for details)
- Points (optional)
- Appraisal Fee
- Credit Report
- Interest Payment
- Escrow Account
At closing, these taxes are usually paid (Click here for details)
- Property Taxes
- Transfer Taxes and Recording Fees
At closing, these fees are often due
- Homeowners Insurance
- Flood or Quake Insurance (optional)
- Private Mortgage Insurance (PMI) (optional)
- Title Insurance
- Oil and/or Propane Tanks will be Pro-rated Based Upon Remaining Volume in Tank at Time of Closing if Applicable
Sellers: As we get through the details of your transaction, we’ll not only work to get the optimal sales price, but we’ll also campaign for limited closing costs. And once we’ve reached an agreement, we’ll describe in detail the closing costs so you are aware of exactly where your money is going.
Buyers: When buying a home in Glens Falls, you’ll 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 previous experience and is required to be within a reasonable range so you’re not startled when you arrive at the closing table. We’ll be happy to go through the GFE with you, answering your questions and highlighting any estimates that seem unusual.
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