I recently came accross a “closing cost” that I had never heard of. This was a charge for “flood certification”. Apparently, lenders and local Realtors got together and started to demand, (meaning it is not the law, but negotiable), a Flood plain check. this lets the buyer and/or lender know that the property is either not in, or near a flood area.
Apparently this came about after 1996, due to many floods in areas that had never ever had this problem before, but sustained much damage from exessive rain, and inadequate infrastructure.
Of course it was only $15 bucks, (no price listed in the contract) so I agreed to pay it. Really nice of me, huh?
On too Dallas I go, see ya there,
Jim
Can someone break down for me what items are typically included in “closing costs”? Of these, which are the seller typically responsible for? Are there buyer’s closing costs and seller’s closing costs? I’m particularly interested in what are typically the seller’s costs. If a contract stipulates that buyer and seller are to split closing costs, is that referring to ALL the costs that may be incurred by the buyer and the seller combined? Thanks a bunch.
In Oklahoma a change was made to the standard realtor contract that the seller had to pay for the survey(150.00). This was new to me at a closing the other day
Who pays what is generally decided by local custom and/or the lender’s requirements. Pull a copy of your local realtor’s contract. It should list who the realtors think should pay what. Of course it is all negotiable and I usually add an addendum to my contracts as to who pays what.
Appraisal
Origination fee
Survey
Title insurance
Attorney’s fees
Underwriter
Credit report
Tax service fee
PMI
Termite inspection
ALL are negotiable, even discount points .
Those are the basic ones, you may have something like well and septic inspections or whatever to proprties with different things.
As to what is customary it can be different in certain parts of the country.