อสังหาริมทรัพย์ในอเมริกา

.. Saving Money in Real Estate Closings ..

By…. Sam Laksanasut. ( Real Estate Investor )

November 21, 2005 6.15 pm

For… www.thaicommunity.org

On line Thai community for Thai people, community and more……

A home is the biggest purchase most people will ever make , but a lot of buyers don't realize that the home's price not only what they have to pay at the closing table, Closing costs in home purchases can add another 2 to 7 percent to the total. But you can take step to save the closing costs money by read on some tips of my over 20 years experience in the real estate business in America.

What happens at the closing ?
The real estate closing (sometimes called the settlement) is the final stage in the process of buying or selling a home The closing is a meeting at which the buyer and seller, usually accompanied by their lawyers ( optional but you must have knowledge in real estate otherwise not recommend ) and real estate agents to complete the sells, the seller sells, the buyer buys, and the lender lends. The buyer usually signs the promissory note and mortgage and obtains the lender's proceeds.The buyer then able to make all the required payments due to the seller. The seller produces all documents necessary for the transfer of good title and delivers a deed that transfers the title to the buyer.

What are closing costs, and who pays them?
These costs very depending on local custom and specific terms of the purchase agreement. They usually include all or most of the following:

Appraisal fee- This is the fee paid for an appraisal of the property. It is required by the lender and is often paid for by the borrower (buyer).The Federal Housing Administration and Veterans Administration establish the appraisal fees for mortgages that they guarantee.

Survey fee- The purchase contract should specify whether the seller is obligated to provide a survey. If the seller is not, the buyer may need to obtain and pay for a survey in order to satisfy the lender. You may avoid this fee if the lender agrees to accept a recently survey done for the seller. (be a smart negotiate)

Loan discount fee- This is the lender's charge to the buyer to obtain the loan, sometimes referred to as points or the loan origination fee. The buyer may have to paid some of this fee in advance to secure the loan.( This is also can be negotiate with the bank )

Inspection fees- Charges for general inspections or inspections required by local laws. The buyer or seller may be responsible for these fees depending on the contract and local law and custom. (However this is optional for most states)

Title fees/ title insurance- Title searches or title insurance are important to assure that the buyer has received good title to the property, without defects that would lower its value. The contract needs to spell out who is to pay the cost of title insurance or fees, Often it is divided between the seller and buyer. In some states, the seller pays for the buyer's title insurance policy and the buyer pays for the lender's policy. In other states, the buyer pays all charges related to title insurance (To make sure checks with local law )

Transfer taxes- A tax imposed by the state, county or city where the property is located, on the transfer of the deed and in some cases, on the mortgage. ( this is the one time charge to the seller )

Recording fees- The buyer usually pays the cost of recording the deed in order to change ownership and recording the buyer's mortgage. The seller pays the cost of recording the release of the seller's mortgage by the seller's lender and recording the release of any other liens found in the record of title.

Question. Are there other costs??
Answer. There may be. Other common fees Including loan origination fee to cover the lender's administrative costs in processing the loan; - credit report fee to cover the cost of a report from a credit bureau showing the buyer's credit history;- mortgage insurance application fee to cover the cost of processing the application for private mortgage insurance ( PMI ) if you down payment under 20% of the purchase price;- mortgage insurance premium ( strongly recommend to put down payment over 20% of the purchase price if you can afford, to avoid the mortgage insurance premium );- hazard insurance premium ;-and closing fee payable to the closing agent.

Question. What costs is the seller responsible for??
Answer. Generally, the seller is responsible for paying the real estate agent's commission on the sale, real estate taxes on the property to the date of closing, certain transfer taxes and any liens that may be outstanding on the property, including any money due to the current lender.

Question. What's the best way to keep costs down??
Answer. This is the keys: Know your rights ------ Get good advice........ Negotiate...... and Shop for the best deal.

  The walk through on the closing day.

  As a buyer, you would be wise to inspect the property just before closing to insure that:

. . the property is in the same condition as it was when you signed the contract, ordinary wear and tear excepted;

. all repairs that the seller agreed to make have been completed in a good and workmanlike manner;

. all personal property that is to be included in the sale is at the property; and

. the seller has vacated the property and caused no damage in moving out.

If there are any problems, you should quickly notify your lawyer or real estate agent. The problem need to be addressed prior to closing: If something is missing, the buyer need s to see if the item will be returned before closing. If the condition of the property is not right, repairs should be made. If agreeable to both parties, the buyer and seller may decide to reach a financial compromise to address any deficiency.

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  Good luck to all American Dream……………..

Sam Laksanasut

Real estate investor, New Jersey USA.

 www.laksanasut.com