There standard costs associated with closing the sale of a house involves fees that are split between the buyer and the seller, or otherwise as spelled out in the sales contract, are known as closing costs.
In order to limit the number of closing costs for that you will eventually be responsible for, you will need to determine which costs are mandated by law to be your responsibility and those that might be negotiable.
Although home buyers will usually receive a Good Faith Estimate of the closing costs when the loan application is submitted to the lender, the Good Faith Estimate is only an estimate based on the lender’s experience with similar loans and it will not be 100% accurate concerning every cost involved with the sale. The most accurate estimate of the closing costs for a particular home, loan and purchaser will include the following costs:
Loan Related Costs -
• Loan Origination Fee
• Points (if applicable)
• Appraisal Fee
• Credit Report
• Interest Payment
• Escrow Account
Tax Related Costs –
• Property Taxes
• Transfer Taxes
• Recording Fees
Insurance Related Costs
• Homeowners Insurance
• Private Mortgage Insurance
• Title Insurance
• Flood or Earthquake Insurance