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April 10, 2012

Buying or Selling a Home

The Closing

There can’t possibly be any more closing fees, can there?

The unhappy answer is, yes there can. Other common fees include:

  • loan origination fee to cover the lender's administrative costs in processing the loan;
  • credit report fee;
  • lender's appraisal fee;
  • mortgage insurance application fee;
  • mortgage insurance premium; and
  • hazard insurance premium.

Buyers also may have to put money into escrow to assure future payment of such recurring items as real estate taxes. Also, there often are separate document fees that cover the preparation of final legal papers such as the promissory note and mortgage or deed of trust.

>>What happens at the closing?
>>What is the closing statement?
>>What are some of the key documents signed at the closing?
>>>What are some financial aspects of the closing?
>>What are some typical closing costs?
>>There can’t possibly be any more closing fees, can there?

Practical Law Home | Buying or Selling a Home | Basics of Buying a Home
Basics of Selling a Home | Why Real Estate Is Covered By Special Laws | Real Estate Brokers
The Purchase Contract | Financing a Home Purchase | *The Closing* | The Fair Housing Act
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