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Architecture Guide
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Take a Quiz
30 under 30
Young Professionals
REALTOR® Emeritus |  | GOING FOR THE CLOSE | | ||
|  Keep the Transaction on Track Advanced Tip Advanced Tip Advanced Tip Broker Tip Getting to Close Advanced Tip Mortgage Basics Advanced Tip Advanced Tip Advanced Tip Inspections and Repairs Broker tip Closing Countdown Advanced Tip Going for the Close Advanced Tip Advanced Tip Advanced Tip Commission Disbursements Broker Tips Broker Tip Post-Closing Strategies Quiz: Contract to Close Bright Ideas: Contract to Close Code of Ethics: Contract to Close More Resources: Contract to Close | Estimating Buyers’ Closing Costs Downpayment Closing costs Loan application fees Credit report costs Title search and insurance fees Attorney fees Property appraisal Homeowner’s insurance (upfront premium, if applicable) Private mortgage insurance (upfront premium) Inspections Survey Recording fees Transfer taxes Documentary stamps on new note Points and origination fees Condominium application fee Prepaid or escrow items Homeowners’ insurance (if prorated) Prorated share of property taxes Prepaid mortgage interest Cash invested Less earnest money deposit Due at closing TIP: Depending on local custom, the sellers may pay for the buyers’ title insurance policy; the buyers usually pays for the lender’s policy. TIP: Be certain that the buyers receive and understand the good faith estimate of closing costs and other disclosures required for lenders by RESPA . TIP: Don’t forget to tell the buyers to bring the amount required for closing as a certified or cashier's check. Estimating Sellers’ Profit Closing Expenses Mortgage loan payoff Interest on loan up to the closing day Home equity loans and other liens Broker’s commission Attorney fees Real property tax proration Prepayment penalty on loan (if applicable) Miscellaneous fee, such as courier costs Sale Price Net Proceeds Estimates of buyers’ and sellers’ closing costs reprinted with permission of the North Carolina Association of REALTORS® and the North Carolina Real Estate Educational Foundation, Greensboro, N.C. (GRI 103 student manual) TIP: Remind sellers to bring warranties, service contracts, and service manuals for appliances, as well as keys, garage door openers, and security codes to the closing. For the Advanced Salesperson Remind sellers to keep their property insurance in force until the deed has been recorded, which may take a week or more. —Peter G. Miller and Douglas M. Bregman, Successful Real Estate Negotiation, HarperCollins Publishers, 1994 Playing Closing Psychologist > | |