BUYERS
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What closings costs am
I required to pay at closing? |
| The payment of closing costs is a
negotiable term under your real estate contract.
However, it is customary that the Buyer pay the
following costs at closing: |
- Title Insurance related Costs. These include the
fees to search and examine the title to the
property, the cost of the title insurance policy,
and the closing fee.
- Survey. It is generally recommended that a
survey be purchased prior to closing for all
properties other than condominiums. However, if the
seller has a recent survey and is willing to sign an
affidavit saying the property has not been altered,
a new survey may not be required. If the property is
in a flood zone, an elevation certificate will also
be required. The price of a survey can vary
depending on the size and location of the property.
- Wood Destroying Organism Report. The average
cost is $45. We recommend that all buyers obtain one
regardless of the age and construction of the home.
- Recording Fee. The costs to record Deeds and
Mortgages in the Public Records are $10.00 for the
first page and $8.50 for each additional page. Most
Deeds are less than 2 pages. The average Mortgage is
16-18 pages.
- Costs Associated with Mortgage Financing. If you
are financing your purchase, your lender will
provide you with a Good Faith estimate of Closing
Costs. The Estimate will include the above described
costs as well as the Lender's costs.
(See HUD Website)
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What is Title Insurance
and must I have it? |
| If you are financing your purchase, your
lender will require that you purchase title insurance
insuring the mortgage given at the closing. |
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How Long Are Title
Policies Good For? |
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Forever, theoretically. If you are planning to resell
the property within a couple years, ask your title
company about "binder" coverage. Most companies will
sell you a binder policy for 10% more. A binder is good
for two years, often can be extended beyond that time,
and the fee charged for the new buyer's policy will be
the difference between what you bought the property for
and the price at which it sold. In other words, you will
get a credit for the amount of coverage you purchased
under your own Owner's Title Policy. |
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How Often Are Title
Policy Insurance Premiums Paid? |
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Once. The fee is due when you buy. You will never pay it
again. Title policy insurance is the best insurance
policy you can ever buy. |
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Must I hire an attorney
for my closing? |
| In many states, it is not a requirement
that an attorney conduct your closing. However, since
the cost of title insurance does not increase when an
attorney represents you at closing, most buyers hire
one. While title insurance companies are generally
reliable and efficient, their services are limited to
conducting the closing. Their employees are incapable of
drafting, reviewing or interpreting your contract. |
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Must I be present for
my closing |
| No. Many of our clients are domiciled in
other states or countries and purchase real estate in
states we are licensed for investment. We serve them
either via email or Federal Express. Of course, we
provide detailed instructions for proper execution of
the documents. |
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In what states is
Platinum Settlements licensed |
Connecticut, Delaware, Florida,
Maryland, Massachusetts, Michigan, New Jersey, North
Carolina, Ohio,|
Pennsylvania, Virginia |
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What types of claims
would a Title Policy guard against? |
- False impersonation of a seller or other persons
previously in title
- Forgery
- Improperly executed Deeds
- Deeds executed without a required spouse's
signature
- Fraud
- Undisclosed heirs or descendants of former
owners of your property.
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| For Sellers &
Refinancing FAQ's, Click here |
