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Real Estate Transaction - Closing Costs



Real Estate Transaction -  Closing Costs 

 

Most home loans have fees. You can sometimes borrow the money need to cover these fees, but that will obviously increase the overall amount of debt you undertake. Some fees are paid up front, and others are not due until closing. Typically, you will be charged for these kinds of fees at closing:
Application fees

Title examination

Abstract of title fees

Title insurance premiums

Property survey fees

Deed preparing fees

Other mortgage fees



Settlement documents

Attorney fees

Recording fees

Notary fees

Appraisal fees

Credit report fees

The Real Estate Settlement Procedures Act requires that a lending institution provide a borrower with a good faith estimate of closing costs at the time of application. This estimate must list each expected cost as a range or as an exact amount where applicable.

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Kim Kroner Realtor - Associate Broker


Top Producer - NVAR Multi Million Dollar Sales Club


Member - Long & Foster Chairman's Club


Long & Foster Christie's International


kim@kimkroner.com


(703) 946-2526


(800) 961-1328


www.kimkroner.com


309 Maple Ave W. Vienna, VA 22180 



 
Why is pre-approval important at the beginning of the home buying process?




HOUSE LOCATION SURVEY In transactions involving new financing, Lenders require a house location survey prepared by a licensed professional land surveyor. The survey will verify the legal description of the property and discover encroachments. Encroachments would include a carport or shed built over the property line. The settlement agent orders the survey. House location surveys in a residential subdivision typically cost $225 and up but do not include setting posts at the corners of the lot. Contact the surveyor to discuss setting corners. The charge is about $50 per corner. If the property is not in a residential subdivison, surveys can be quite expensive, and you should check with the settlement agent to confirm any extra charges. You will not need a survey for a condominium. Surveys are not required, but may be advised if you are assume a loan. TYPES OF OWNERSHIP Most married couples chose "tenants by the entirety with the common law right of survivorship." If one of the parties dies, the other automatically inherits the property without regard to wills or probate. This may not be a good idea it the couple had children by a previous marriage. The surviving spouse would inherit all and the children could get nothing. Also, in cases where the Federal Estate tax may be an issue, it could be advantageous to hold title as tenants in common. Unmarried persons may choose "tenants in common" or “joint tenants.” Tenants in common each own a portion of the property and may convey that portion independently while alive or in their Will. Joint tenants may only convey together and the survivor inherits. We strongly recommend a joint ownership agreement for all purchasers who are not married couples. These agreements document each party's responsibilities and ownership interest.Tenants in Common The law presumes tenants in common unless the deed you receive specifies otherwise. If one owner dies the property passes to his heirs, not necessarily the survivor. If there is a Will, it controls. Lacking a Will, the Virginia Code provides rules for intestate succession. Persons who are not married or related usually use tenants in common. A tenant in common may sell his interest without approval of the other owner. Unless specified otherwise, the law assumes you meant to have equal ownership. Tenants by the Entirety Tenancy by the entirety is only possible when the joint owners are husband and wife. Tenants by the entirety provides for a common law right of survivorship. The property goes automatically to the surviving spouse. No Will, probate or other legal action is necessary. One spouse can not use a Will to leave an interest to someone else.
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Location: 309 Maple Ave W, Vienna, VA 22180, USA

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