Closing Costs

There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract.

As you negotiate the sales contract, you should not work to get the sales price you want, but also work to limit the number of closing costs for which you will be responsible.

Get professional opinions to walk you through the closing costs, answering any questions you may have explaining which costs are decreed by law to be yours and which are negotiable.

Good Faith Estimate of Closing Costs

Buyers will receive a "Good Faith Estimate" of closing costs at the time the loan application is submitted to the lender.

The estimate is based on the loan officer's past experience and may not include all the closing costs. 

Review the "Good Faith Estimate," asking any questions and highlighting missing costs and estimates you believe to be low.

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