spin off to: Closing Costs

What do they entail? Our offer was just accepted so now we are going through the inspection and going to contract this week. Is the downpayment included in the closing costs? What is the breakdown?

Re: spin off to: Closing Costs

Downpayment is definitely not part of the closing costs.


Closting costs typically include:

Bank fees (appraisal, application, bank's lawyer, etc - some bank fees can get waived if you ask)
State taxes (mortgage tax stamps)
Title fees (recording fees, title searches & insurance, survey, etc.)
Prepaid mortgage interest (to cover your mortgage interest from the day you close till 1st payment due)
Prepaid escrow (if you decide to have the bank pay your RE taxes and HOI on your behalf)


Typically 3% of the sale of the house goes towards closing costs. So if you plan on putting 10% down... make sure you have 13% of available funds.

Re: spin off to: Closing Costs

Our closing costs were a little over 17,000 for a 437,000 house & we put 5% down. Also depending on what time of year you close you will also have to pay taxes either back to the seller or you will have to pay the quarter taxes that are due.

Also if there is an oil tank you will need to pay for the oil which could run up to $600. If you need any help let me know I am a real estate atty.