| WHEN DO WE PAY OUR MONEY? When we write an Offer. You will submit earnest money with the contract, anywhere from $500 and up. Usually it is approximately $500 for every $50,000 in purchase price. This check will be held by the listing broker until contract agreement, at which time your check will be deposited into the listing broker's escrow account. Your deposit represents your sincerity in the attempt to purchase property and is totally refundable if the offer is not satisfied. The deposit applies in full toward the purchase price at closing if the offer is accepted and all conditions are satisfied. Loan Application Loan application takes place anytime before selecting a home, but not later than five to seven days after the seller and the buyer agree. Fees are paid to the lender for credit reports and appraisals, approximately $300 to $400. Attorney Fees Price will usually range from $125 to $250 depending on how much you have him do and if he must attend the closing. Home Inspections Buyers Residential and Condominium: approximately $125 to $250 Radon Testing: approximately $50 to $125 Sellers The buyer will typically hire an inspector to go through the property in order to assess its condition and identify potential issues. Often times this will result in the buyer requesting repairs, professional certifications, or funds to cover the costs of repairs. Agent's Fees The seller usually will pay the agent fees for the buyer. This fee is included in the listing agreement set up with the listing agent of the property you are purchasing. Exceptions to this include purchases of properties being sold by the owner where a co-op fee is not offered or when a certain fee as agreed upon, in writing, in the Buyer Agency Agreement. At Closing Balance of your down payment (difference between the sales price and the loan amount) plus closing costs (amounts charged by the lender and title company, plus all prepaid amounts). Closing costs range from approximately 1.5% to 2.5% of your loan amount. |
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