Rates & Fees

What are the typical costs?

  • Closing Costs: Approximately 6% or more of the purchase price of the property
  • Title Costs: Includes fees for title search, lender's title insurance and buyer's title insurance
  • Settlement Fees: Fees for the lender's agent (usually lawyer or title/escrow company representative)
  • Loan Charges: Includes origination, appraisal and survey fees
  • Taxes and Government Fees: Transfer taxes, buyer's share of yearly property taxes

Who pays for what?

You may be wondering what fees you will be paying and what fees the other party will be paying. Although the fees are always negotiable, the following list describes the fees that are typically paid for by each party.

SELLER:

  • Real Estate Commission
  • Administrative Compliance Fee
  • Closing fee (if shared with buyer)
  • Abstract of Title
  • Owner's Premium (when no Abstract has been provided)
  • Assessment Search
  • Recording fees for well disclosure, satisfactions of mortgage and any other documents necessary to clear title
  • State deed tax
  • Courier fee (where applicable)

 

BUYER:

  • Administrative Compliance Fee
  • Lender fees i.e. loan origination fee, appraisal fee, credit report, etc.
  • Escrow fees - funds needed to establish escrow account for tax and insurance payments
  • Closing fee
  • Lender's title insurance premium and service fee
  • Owner's title insurance premium and service fee (optional fee)
  • Name search
  • Plat drawing
  • Recording fee for deed and mortgage and other documents necessary to assure clear title
  • Mortgage registration tax
  • Courier fee (where applicable)

If you have any questions regarding any of these fees or about other fees, please call (248) 647-3600. We're always happy to serve you.