Buyer Responsibilities and
Expenses
RESPONSIBILITIES:
We will review and
revise the Purchase and Sale Agreement and be responsible to
ensure that all necessary documentation and information is obtained
prior to closing. We will keep in communication with all persons
involved in your purchase so that your closing will proceed
without difficulty and on schedule. You must provide us with
your mortgage lender's name, address, telephone number and contact
person.
EXPENSES:
- Bank costs including application fee, credit report, appraisal
or inspection fee, processing fee, bank attorney fee and similar
fees.
- Escrows may be required by the bank and may include Tax
Escrow, Hazard Insurance Escrow, Mortgage Insurance Escrow.
- Title Examination (except in Worcester and one town outside
of Worcester, the fee is customarily paid by the Seller) approximately
$300.00 to $400.00.
- Lender's Title Insurance Policy ($2.50 per $1,000.00 of
the mortgage amount). Owner's Title Insurance Policy is optional.
- Recording Deed, Mortgage, Assignment and Certificate of
Municipal Liens, approximately $65.00. (recording fees are
more for registered land)
- Fee to obtain Certificate of Municipal Liens $25.00.
- Homeowner's fire and liability insurance policy (usually
required to be prepaid for one year) depending on lender requirements.
- Prepaid Interest (interest from the day you sign mortgage
documents through the end on the month you close in).
- Private mortgage insurance premium (for buyers with down
payment of less than 20%) of FHA mortgage insurance premium
(for FHA loans) or VA funding fee (for VA loans).
- Mortgage Survey (Plot Plan) approximately $110.00-$150.00.
- Points (each point is generally 1% of the mortgage amount).
- Adjustments payable to Seller for taxes, oil, water, sewer,
rental equipment and condominium fees, if these items were
paid in advance by Seller.
- Well tests for quality and quantity, ($250.00-$350.00).
- Home and pest (termites, other) inspections may be required,
approximately $200.00 and up
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