When purchasing a property it’s important to take into account the closing costs you will be responsible for, as well as any ongoing maintenance costs associated with the home. Getting information about utilities and services from the current owner will give you a good indication of what your monthly expenditures could be. It’s important to remember that all home inspection costs are the responsibility of the buyer. Your mortgage professional or Real Estate Attorney should be able to give you a fairly accurate estimate of your total closing costs at the time you sign the Contract to Purchase.
Costs when Purchasing a Property
Attorney fees: $1500 +/-
Association fees/Common charges: Varies depending on complex and/or association
Interest adjustment: Prorated daily interest from time of closing to first mortgage payment
Home Insurance: $1200 – $3600 +/- escrowed one year in advance
Lender Fees: $200-$500 plus any points or additional appraisal fees
Recording Fee: $53 for first page, then $5 for each additional page per document to be recorded
($55 for first page of warranty deed)
Tax Adjustment: Buyer reimburses seller for pro-rated current tax
period Payment for one additional tax period will also be escrowed at the time of closing.
Title Insurance: Cost is based on purchase price
Title Search: $275 – $325
Utilities: Oil, propane – varies. Buyer is responsible for reimbursing the seller for the current
market value of fuel in the home’s storage tanks.
General Building: $1200 +/-
Pests: $250 +/-
Pool: $150 +/-
Radon: $100 +/-
Septic: $350 +/-
Water: $35 +/-
*NOTE: The estimates provided are intended as a guide only. Karla Murtaugh makes no guarantee as to the accuracy of the numbers provided. Please consult your attorney and individual service providers for an accurate quote.