One of the key documents is the HUD-1, (http://www.hud.gov/offices/adm/hudclips/forms/files/1.pdf ) a government-mandated statement that breaks down the costs of the transaction.
Depending on the city or county, buyers and sellers, borrower’s might receive more than one HUD-1 before closing so they can track new information and changes as the loan progresses. The final HUD-1 will be issued at closing or in your closing package. Read the rest of this entry
Understanding Closing Costs
There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and seller, as spelled out in the purchase contract. The cost split on these fees is, to an extent, negotiable. As I negotiate the purchase contract on your behalf, I will strive to achieve not only the selling price that you want, but to also limit the number and amount of closing costs for which you are responsible. Read the rest of this entry
Below I have compiled a list of what is typically paid by each party in a real estate transaction. Depending on what county you are in will depend on who pays for these fees. This information may assist you in knowing what fees are involved when negotiating your real estate transaction. Read the rest of this entry