Fees at Closing

Here is a list of fees you should typically expect to pay at closing; there may be more or fewer:

Buyer’s Fees

• Credit Report – Done by an independent credit association to establish your credit rating
• Appraisal – Done by an independent appraiser to establish the value of the house
• Inspection – Done by an independent home inspector to provide information about the home
• Title Report – To disclose whether there are any liens and encumbrances
• Recording Fees – To record the transfer of property with the appropriate government bodies
• Courier Fees – To cover the cost of transporting documents between the escrow service and various other entities
• Loan Origination Fee – This is a fee imposed by the lender to cover certain processing expenses in connection with making a real estate loan
• Discount Points – Prepaid finance charges tied to interest rate (the higher the interest rate, the lower the discount points)

Seller’s Fees

Some things that may be required at closing, but not always:

• Water and sewer certification (if your new home is not on municipal and sewer facilities, a certification may be ordered through your local health department to save you money)
• Building code compliance letter
• Mortgage insurance
• Survey