When a home is sold, there is a point in the transaction known as the closing, when the title to the property is transferred to the new owner. The buyer and/or seller commonly incur miscellaneous fees, which are collectively known as closing costs. These fees can be significant, averaging approximately 2% to 4% of the purchase price, although they may be as much as 8%.
Take a look at the following guide to get a better idea of what buyers and sellers are expected to pay upon closing:
- inspection fees. Lenders may require a termite inspection or an analysis of the structural condition of the property in order to assure that a home will be reliable collateral to secure against a loan. An inspection of the septic system and water supply tests may also be required in rural areas. Always be sure to hire an InterNACHI inspector to get the most out of an inspection.
(read full article on InterNACHI)
Originally posted 2016-03-29 07:00:55.