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CLOSING COSTS

Estimated Settlement Expenses

You can use this section as a guide to help understand the various costs and fees involved with purchasing or selling a home. This is only a guide to the "normal and customary" charges in this area. Specific questions should be directed to your Agent or Attorney.

Sales/Broker's Commission:
This is the total dollar amount of the real estate broker.s sales commission, which is usually paid by the seller. This commission is typically a percentage of the selling price of the home.

Items Payable in Connection with Loan:
These are the fees that lenders charge to process, approve and make the mortgage loan:

Loan Origination:
This fee is usually known as a loan origination fee but sometimes is called a "point" or "points." It covers the lender's administrative costs in processing the loan. Often expressed as a percentage of the loan, the fee will vary among lenders. Generally, the buyer pays the fee, unless otherwise negotiated.

Loan Discount:
Also often called "points" or "discount points," a loan discount is a one-time charge imposed by the lender or broker to lower the rate at which the lender or broker would otherwise offer the loan to you. Each "point" is equal to one percent of the mortgage amount. 
(For example, if a lender charges two points on a $80,000 loan this amounts to a charge of $1,600.)

Appraisal Fee:
This charge pays for an appraisal report made by an appraiser.

Credit Report Fee:
This fee covers the cost of a credit report, which shows your credit history. The lender uses the information in a credit report to help decide whether or not to approve your loan and how much money to lend you.

Lender's Inspection Fee:
This charge covers inspections, often of newly constructed housing, made by employees of your lender or by an outside inspector. (Pest or other inspections made by companies other than the lender are separate items)

Mortgage Insurance Application Fee:
This fee covers the processing of an application for mortgage insurance.

Assumption Fee:
This is a fee which is charged when a buyer "assumes" or takes over the duty to pay the seller.s existing mortgage loan.

Items Required by Lender to Be Paid in Advance:
You may be required to prepay certain items at the time of settlement, such as accrued interest, mortgage insurance premiums and hazard insurance premiums.

Interest:
 Lenders usually require borrowers to pay the interest that accrues from the date of settlement to the first monthly payment.

Mortgage Insurance Premium:
The lender may require you to pay your first year.s mortgage insurance premium or a lump sum premium that covers the life of the loan, in advance, at the settlement.

Hazard Insurance Premium:
 Hazard insurance protects you and the lender against loss due to fire, windstorm, and natural hazards. 

Flood Insurance:
 If the lender requires flood insurance, it is usually listed here.

Escrow Account Deposits:
 These lines identify the payment of taxes and/or insurance and other items that must be made at settlement to set up an escrow account. 

Title Charges:
 Title charges may cover a variety of services performed by title companies and others. Your particular settlement may not include all of the items below or may include others not listed.

Settlement or Closing Fee:
This fee is paid to the settlement agent or escrow holder. Responsibility for payment of this fee should be negotiated between the seller and the buyer.

Abstract of Title Search, Title Examination, Title Insurance Binder:
The charges on these lines cover the costs of the title search and examination.

Document Preparation:
This is a separate fee that some lenders or title companies charge to cover their costs of preparation of final legal papers, such as a mortgage, deed of trust, note or deed.

Notary Fee:
 This fee is charged for the cost of having a person who is licensed as a notary public swear to the fact that the persons named in the documents did, in fact, sign them.

Attorney's Fees:
You may be required to pay for legal services provided to the lender, such as an examination of the title binder. 

Title Insurance:
The total cost of owner's and lender's title insurance.

Government Recording and Transfer Charges:
These fees may be paid by you or by the seller. The buyer usually pays the fees for legally recording the new deed and mortgage. Transfer taxes, which in some localities are collected whenever property changes hands or a mortgage loan is made, are set by state and/or local governments. City, county and/or state tax stamps may have to be purchased as well. Currently in the state of New Jersey; the Seller pays the state transfer tax. However, on residential real estate transfers valued at or above $1,000,000, the Buyer pays an additional 1% transfer fee to the state.

Additional Settlement Charges:

Survey:
The lender may require that a surveyor conduct a property survey. This is a protection to the buyer as well. Usually the buyer pays the surveyor's fee, but sometimes this may be paid by the seller.

Pest and Other Inspections:
This fee is to cover inspections for termites or other pest infestation of your home.

Lead-Based Paint Inspections:
This fee is to cover inspections or evaluations for lead-based paint hazard risk assessments (usually applies to homes built prior to 1978).

Total Settlement Charges:
The sum of all fees in the borrower's column entitled "Paid from Borrower's Funds at Settlement". 

Paid Outside Of Closing ("POC"):
Some fees may be listed on the HUD-1 to the left of the borrower.s column and marked "P.O.C." Fees such as those for credit reports and appraisals are usually paid by the borrower before closing/settlement.