Closing Costs?

[Isaac Schulman]

What does this phrase refer to exactly? Where is the money going to and how much, on average (for whatever niche) do you spend on this step?

Thank You!

[Mark Langdon]

I just closed last week on a Multi-family in Northern NJ. Here were my costs to evaluate and also the closing costs using a bank loan. Very Expensive.

Home Inspection$667.00

Termite Inspection$0.00 (Included in Home Inspection Fee)

Radon Cannister Inspection$0.00 (Included in Home Inspection Fee)

Oil Tank Sweep$250.00

Home Appraisal Fee$575.00

Survey$0.00 (I made the sellers do this. They paid $ 2500)

Subtotal Our Fees to evaluate/Inspect the Property$1,492.00

Settlement Charges Breakdown

Loan Origination Fee$805.00

Credit Report from Loan Company$14.00

Tax Service$90.00

Flood Certification$8.56

Title Services and Title Insurance$2,885.00

County Clerk Govt Recording Fee$420.00

Credit Back for Recording Fee as we have connections (-$150.00)

Attorney Fee$1,500.00

Subtotal HUD-1 Page 2 Settlement Charges $5,572.56