Frequently Asked ?'s

Closing costs are fees that are charged for buying or selling any type of property such as a home or land. They consist of fees from a lender, if financed, and the settlement agency. Closing costs include but aren't limited to origination costs, appraisal fees, title work, abstracts, recording, insurances, courier fees, and property taxes. Importantly, buyers and sellers each have separate closing costs in the transaction.

The cost for closing varies per transaction. A very general rule of thumb is that closing costs for buyers are estimated to be 2% to 3% of the sale price. Sellers have minimal fees including the cancelation of any mortgages. Contact us here for more accurate fees for your closing.

Closing costs are charged to both the buyer and seller, so they are paid separately.

Closing costs for the buyer can be paid by the seller and in some markets it is very common. These concessions are negotiated in the purchase agreement and lowers the out of pocket expense for the buyer.

Closings are generally attended by all parties. However, in the event a party cannot attend in person, that party either must sign remotely or appoint an agent to sign for them via a Power of Attorney. When signing remotely (ie outside of closing), a notary must be hired and the original wet signed documents must be mailed to the settlement agency.

All parties to the transaction must present a valid ID, often a drivers license. In addition, buyers must bring any money due at closing either in the form of a cashier check payable to the settlement agency or by wire.