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What are closing costs in Georgia Real estate?

When buying a home, other than the down payment, your biggest expenses are CLOSING COSTS. What the heck are closing costs?

Closing costs

(About 2.5-3% of Sales Price)

· Attorney Fees

· Insurance

o Title Insurance – Required by lender

o Title Insurance – Recommended for buyer

o Home owners (Hazard) Insurance (up to 14 months in reserve)

o Private Mortgage Insurance

· Title search and binder

· Tax service fees

· Prorated

o Taxes (6 month in reserve)

o HOA Fees

· Escrow establishment fees

· Tax service charges

· Intangible Taxes ($3.00 per $1,000 borrowed)

· Recording fee(s)

· Courier costs/overnight deliveries

· Transfer tax (.1% of the sales price)

· Possibly initiation fees for HOA

· Status letter from HOA

· Fees related to getting the loan

o Origination charges

o Credit Report

o Pre-paid interest

o Application fees

o Appraisal (Paid in advance frequently)

o Flood certification

o Processing fees

o Government recording fees

Any additional “Points” chosen by lender and borrower

· As you'll notice, real estate commissions are not on this list. In most cases, the sellers pay the real estate commissions.

If I can explain about what all of these fees are, just call or text me. Al Maxwell 404-213-3804.


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Content by Al Maxwell Marietta Realtor®

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