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Just for Sellers: Here are two articles that are helpful:
What You'll Net at Closing
What to Keep From Your Closing
What You’ll Net at Closing
To find out how much money you’ll net from your house, add up your closing costs and subtract them from the sale price of the house.
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Closing Costs for Sellers
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Mortgage payoff and outstanding interest
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Prorations for real estate taxes
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Prorations for utility bills, condo dues, and other items paid in arrears
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Closing fees charged by closing specialist
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Title policy fees
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Home inspections
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Attorney’s fees
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Survey charge
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Transfer tax or other government registration fees
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Brokerage commission
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Total
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What to Keep From Your Closing
1. The Real Estate Settlement Procedures Act (RESPA) statement. This form, sometimes called a HUD 1 statement, itemizes all the costs associated with the closing. You’ll need this for income tax purposes and when you sell the home.
2. The Truth in Lending Statement summarizes the terms of your mortgage loan.
3. The mortgage and the note (two pieces of paper) spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.
4. The deed transfers ownership of the property to you.(or stock certificate for cooperative)
5. Affidavits swearing to various statements by either party. For example, the sellers will often sign an affidavit stating that they have not incurred any liens on the property.
6. Riders are amendments to the sales contract that affect your rights. For example, if you buy a condominium or a cooperative, you may have a rider outline the condo association’s rules and restrictions.
7. Insurance policies provide a record and proof of your coverage.
8. The offering plan with the amendments and building financials for the cooperative or condominium.
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Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2006. All rights reserved. www.REALTOR.org/realtormagm.
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