Home Closing Checklist

Buyers will typically incur some costs as part of the purchase. Those costs most commonly include:

EARNEST MONEY: Usually about 1% of the sales price.

OPTION MONEY: The option fee is typically $500-$1000 for an average priced home.

INSPECTION COSTS: For a standard inspection of an average priced single family home, a buyer can expect to pay $500 – $1,000.

LENDER COSTS & FEES:  These fees are based on the Lender’s APR (Annual Percentage Rate),  The APR, reflects the true and total cost of the loan. It factors in the interest rate plus any upfront costs and fees that are charged by the lender to obtain that rate or to close the loan, such as points, fees, or other costs associated with the loan.

DOWN PAYMENT: This is the portion of the loan that you pay at closing, while the rest of the loan is typically paid over time through a mortgage.   Down payments are usually a percentages of the mortgage in the range of 5%, 10%, 20%, 30% down, etc).

MARKET VALUE: The FMV (Fair Market Value) is simply the agreed upon price between a willing buyer and seller, both of whom are reasonably knowledgeable about the property in question.

APPRAISED VALUE: The valuation determined by a professional appraiser during the mortgage origination process.

ASSESSED TAX VALUE: This is the value assessment performed by the county tax assessor’s office for tax purposes.

The listing agent works for the seller and they are obligated to work in the seller’s best interest.  Therefore, there is a benefit for the buyer to have their own Agent and there is no cost to the buyer for the service.