| Youre about to cross the finish line in
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| | that you and the buyer are required to
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| your home selling process. There are
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| | pay. This page is where your previous
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| just a few more steps that you need to
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| | closing cost negotiations will appear.
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| complete before you hand over the keys to
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| | Your sales contract should also list
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| the home. During the home closing, the
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| | these charges and to whom the charges
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| primary document you and your buyer will
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| | were assigned. There will be a group of
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| be dealing with is the settlement
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| | charges that are related to processing
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| statement (also called the closing
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| | the mortgage, whether it is a new
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| statement). This is a document that
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| | mortgage or an assumed one. Typical fees
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| lists out the fees and charges that you,
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| | are the loan origination fee, appraisal
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| as the seller, and the buyer are required
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| | fee, lenders inspection fee, assumption
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| to pay in the housing transaction.
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| | fee, and underwriting fees.
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| The settlement statement is prepared
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| | The mortgage lender often requires some
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| either by the buyers lender or the escrow
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| | interest and insurance premiums to be
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| agent. Regardless of who prepares the
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| | paid in advance. Usually paid by the
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| statement, that person is required to
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| | buyer, these fees are also listed on the
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| follow pertinent federal guidelines. The
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| | second page of the settlement statement.
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| Real Estate Settlement Procedures Act of
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| | Other mortgage related costs include
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| 1974, the governing law for closing
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| | reserves that are deposited to set up an
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| processing in housing transactions.
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| | escrow account. These charges are
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| It is important that you pay close
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| | assigned to the buyer.
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| attention to the settlement statement as
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| | Another group of fees included in the
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| the for sale by owner seller because it
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| | settlement statement are related to
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| will list out the costs for which you and
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| | guaranteeing the legitimacy of the title:
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| the buyer are responsible. Most likely,
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| | title search, title insurance, document
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| you and the buyer have already negotiated
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| | preparation, notary fees, and attorney
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| which of you will be paying which closing
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| | fees. Refer to the sales contract for
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| costs. You must review the settlement
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| | the agreements made pertaining to these
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| statement to ensure these costs have been
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| | fees.
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| assigned to the correct party.
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| | Government fees include recording fees,
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| Usually, the settlement statement is
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| | tax and stamps and are usually negotiated
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| broken down into two pages. The first
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| | in the sales contract.
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| page summarizes payments to be made in
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| | The final group of charges is
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| the housing transaction. Included is the
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| | miscellaneous charges that were not
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| sales price of the home, settlement
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| | included in previous sections of the
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| charges that the borrower must pay, tax
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| | settlement statement. For example, a
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| adjustments, settlement charges the
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| | pest inspection requested by the buyer is
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| seller (you) must pay, first mortgage
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| | a miscellaneous charge.
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| payoff amount, and total amount of cash
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| | The settlement charges are totaled and
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| the borrower (the buyer) must pay to the
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| | entered on the first page in the summary
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| seller.
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| | information on the first page of the
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| The second page of the settlement
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| | settlement statement.
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| statement lists the settlement charges
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