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Buyer Info - What a Well Qualified Buyer Should Know About and Have at Hand
- A good credit score, if not start trying to repair it ASAP!!!
- 2 years of tax returns
- Employment verification
- ALL outstanding debt (including school loans, car payments, etc)
- Bank Statements for the past 2 months
- Total Closing costs average an additional 4% to the cost of the purchase
Enough money to pay up front for these items; these are estimats
| $50 | Credit check* |
| $350 | Appraisal* |
| $125 | Title search* |
| Inspections | |
| $300 | Structural* |
| $100 | Wood destroying pest (highly suggested)** |
| $150 | Radon (optional, but suggested) |
| $200 | Pool/Spa/Hot tub (as needed) |
| $500 | Septic (as needed) |
| $100 | Well (as needed) |
| $450 | Survey (suggested in most cases) Not town homes |
Ernest Money Deposit 1% of the purchase price (negotiable)
Due Diligence Fee 10% of the EMD for a 14-21 day period (negotiable)
| Home Owner Associations |
Drainage |
| Moisture | Covenants and Restriction |
| Lead | Mold |
| Asbestos | Synthetic stucco |
| Deed Restrictions* | Zoning* |
| Insurability* | Flood Hazard* |
Other possible Closing Costs
| $500 Lawyers fee * | <$100 recording fee* |
| 1% Origination fee of mortgage amount** | $ varies capital contributions (new homes) |
| $50 Tax Certification** | $ varies HOA transfer fee (existing homes) |
| $50 Flood Certification** | $ Home Warranty |
| $2/100 of purchase price Title insurance* | $ Home owners insurance* |
| $ variable Pro-rated taxes * | $ Escrow taxes/insurance for next year** |
| $ variable Pro-rated HOA | $ Commitment/application/processing fees** |
*definitely needed
** lender usually requires
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Equal Housing Opportunity.
