Q.  What costs should I expect at a real estate closing?

 

A.  Your attorney, real estate agent, or title office should estimate the closing costs.  The following is a list of the items that appear on a closing statement:

 

1.      Attorney’s fees

2.      Title insurance fees

3.      Recording of deed

4.      Termite inspection

5.      Survey

6.      Insurance policy

7.      Assumption fee on existing mortgage

8.      Service fee (origination fee) on any new mortgage

9.      Intangible tax (.002%) on new mortgage

10. Documentary stamps (15¢ per hundred) on new note or mortgage

11. Recording fee on mortgage

12. Credit report

13. Mortgage company’s attorney fee

14. Recertification of abstract

15. Appraisal fee

16. Set-up of escrow account (taxes and insurance)

17. Proration maintenance fees

18. Commissions

 

These costs will be administered according to the real estate contract.  All buyers and sellers should be represented by an attorney at real estate closings.