Closing on your home can be stressful, but you can minimize the stress by knowing what to expect. Plus, it helps to work with good people, so choose your Realtor®, Mortgage Lender, and Title company with care. We encourage you to refer to Bella Casa’s list of Business Referrals. Also see a previous post explaining What Happens in Escrow.
[vodpod id=ExternalVideo.927915&w=425&h=350&fv=%26rel%3D0%26border%3D0%26]THE BUYER NORMALLY PAYS FOR:
• One-half of the escrow fee (according to contract) • Lender’s title policy premiums (ALTA) • Document preparation (if applicable) • Tax pro-ration (from date of acquisition) • Recording charges for all documents in buyer’s names • Fire insurance premium for first year • Home Warranty (according to contract) • Inspection fees (according to contract): roofing, property, geologial, termite, etc. • All new loan charges (except those required by lender for seller to pay) • Interim interest on new loan from date of funding to first payment dateTHE SELLER NORMALLY PAYS FOR:
• One-half of the escrow fee (according to contract) • Work orders such as termite inspection and work (according to contract) • Owner’s title insurance premiums • Real estate commission • Any judgments, tax liens, etc. against the seller • Any unpaid Homeowner Association dues • Home Warranty (according to contract) • Any bonds or assessments (according to contract) • Any loan fees required by buyer’s lender (according to contract) • Recording charges to clear all documents of record against seller • Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer) • Interest accrued to lender being paid off, reconveyance fees and any prepayment penaltiesArticle Source: Ticor Title 503-472-6101
829 N. Hwy 99W, McMinnville, OR 97128
