FEE

DESCRIPTION

SELLER

Escrow

A fee that pays for the services of the escrow company. This fee will vary slightly from company to company.  It is split between the buyer and seller and is based upon the price of the home.

.

175.

Legal Fee

May be charged by the escrow company to have an attorney examine the documents. This would only be done in special cases.

Title Insurance

Seller insures that he is giving clear title to the property.

716.

Nevada Transfer Tax

$5.10 per $1,000 paid to the State of Nevada by the Seller.

612.

Appraisal

Customary for the seller to pay on resale properties. Buyer pays on new home construction.  Make sure in the counter offer should it say seller to pay, that you have the buyer pay up from and at closing it will be reimbursed.  This way if the buyer backs out of the deal you will not have already paid for the appraisal.

350.

Brokerage Fee

This is the fee that the seller agreed to pay when the home was listed. The agents and their companies have formulas for splitting this amount.

7,200.

Reconveyance Fee

Paid by the seller to reconvey the existing deed of trust back to the seller and clear title of that lien.  If there is more than one loan on the property there will be separate charges for each loan.

107.

Home Warranty Plan

Seller should offer a 1-year home warranty. $350 for basic plan.

350.

Form 1099

IRS requires the closing agent to complete a 1099 form reporting the sale of the property.

25.

TOTAL CLOSING COSTS

9560.00

FEE

DESCRIPTION

BUYER

Down Payment

This may be as low as 3%. If 20% or higher, no mortgage insurance will be charged. The "earnest money deposit" that you submitted with your offer to purchase should be credited here as well. For illustration purposes, let's assume that you are putting a 5% down payment.

6,000.

Credit Report

You probably paid for this at the time you applied for the loan. But just in case, it's usually $25-$50 and more if you're from out of state.

25.

Loan Origination Fee

This fee is usually 1% of the loan amount. It's paid to the lender. Hmm $120,000 - 6,000 = 114,000 times 1% = 1,140.

1,140.

Recording Fee

This is the cost of recording the new deed at the Clark County recorder's office. The fee is customarily split between the buyer and seller.

25.

Escrow Fee

Another split fee that pays for the services of the escrow company. This fee will vary slightly from company to company.

175.

Legal Fee

May be charged by the escrow company to have an attorney examine the documents. This would only be done in special cases.

ALTA Title Insurance

The lender requires insurance that the property is free from liens and encumbrances. The buyer usually pays for this. (see CLTA)

188.

PMI

If your down payment is less than 20%, the lender will usually require mortgage insurance to protect the lender against loss due to foreclosure. The insurance is paid monthly. At closing the lender will charge 2 months in advance. Later, when you have established 20% equity in the property, you may apply to have this fee canceled. Remember to do this!

152.

Interest Impound

Interest is calculated on a 30-day month. If you close on the first day of the month, you will be charged 30 days interest. If you close on the last day, you will be charged interest for one day. Let's say you close on the 15th.

356.

Taxes Impound

Property taxes will be prorated to the day of closing and adjustments will be made. The lender will want to handle the payment of taxes and will ask you to prepay up to 8 months taxes.

733.

Insurance Impound

You may select your own home insurance company, but the lender will want to control the payments. He may ask for up to 14 months of prepayment.

408.

Tax Service

A one-time fee charged by the lender for setting up tax payments.

       100. 

Loan Discount Points

1 point = 1% of loan amount paid to the lender. Points are negotiable between the buyer and seller but are usually paid by the buyer.

Appraisal

Customary for the seller to pay on resale properties. Buyer pays on new home construction.

       350.

Brokerage Fee

This is a fee that some agents or their brokers charge for the cost of doing business.  Everyone is different but I put some in.

       250.

Assumption Fee

If you are assuming the seller's existing loan, the lender will charge this fee. On VA or FHA no-qualifying loans the fee is $125 on qualifying $500-700. Other types up to 1%.

Setup/Collection Fees

If the seller will be carrying a first or second deed, there will be a charge for setting up a collection account.

TOTAL CLOSING COSTS (INCLUDING DOWN PAYMENT) 

9,902.00