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Real Estate ^
Eileen M. Day REALTOR!
EXArarano closing costs \
In the process of a real estate transaction, the fees that are labeled as closing costs are many times confused and go unexplained.
for the seller, closing costs normally involve real estate commissions, termite clearances and work, title Insurance costs, escrow fees and fees associated with paying off any existing loans. Some areas also have transfer taxes that are paid by the seller. These are all deducted from the gross sales price, along with the remaining balance of any loans.
Tor the buyer, closing costs may entail loan fees such as an appraisal, credit report document fees and loan discount points, in addition to a portion of the escrow, title and recording fees. Insurance premiums and prepaid Interest on the new loan if there is one are also common closing costs paid by the buyer.
Although who pays for which costs can be negotiated between the parties, most regions of thfe country have their own customary fees and normal division between the buyer and seller as to who pays what.
If there Is anything we can do to help you in the field of real estate please stop In at CILECTl N. DAY, Realtor, the Clopton House, Washington, Va., 22747. Phone 6755033. We re here to help.
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