There are several costs you will incur along the way. The following list comprises many of these items. Your mortgage company will give you good faith estimate of closing costs at some point during the process. Additionally, the day before or early on the day of closing, your attorney will tell you the amount due at closing. This amount must be in the form of a certified check or a bank check – it cannot be a personal check. If this number ends up being different because of unforeseen changes during closing, the balance can be paid with a personal check – or returned to you via attorney check.
- Mortgage application fee – $250-$500 payable at closing, incorporated into the total due at closing
- Appraisal – $250-$350 payable at closing, incorporated into the total due at closing; very rarely, but sometimes due at time of event.
- Title insurance – state regulated fee of about $1800 (varies for condo and single family home) payable at closing, incorporated into the total due at closing
- Home owners insurance – varies depending upon type of home and insurance company – approximately $500 for a condo or town home
- Inspections – $300-700 depending upon the type of inspection requested. Due at time of inspection; most inspectors take a personal check and/or credit card
- Attorney fees – $900-$1200 payable at closing, incorporated into the total due at closing
- Mortgage miscellaneous fees – unknown, dependent upon mortgage company
- Real Estate commission – paid by the seller
- Real Estate taxes – paid by the seller – unless purchase exceeds $1,000,000 then 1% of purchase price is payable at closing, incorporated into the total due at closing
- Township Certificate of occupancy – paid by the seller, varies by township
