Arizona’s Buyers and Sellers frequently ask members of our team what can I expect to pay in Closing Costs?
We break it down for you below. You are lucky you are closing on a home here in Arizona where closing costs are considerably low and there are no Lawyer fees to pay. Watch our 3 minute video to learn why…
What the Buyer can expect to pay in closing costs:
- Down payment
- Title Insurance Premium for Lender’s Policy
- Appraisal Fee
- Credit Report
- Inspection Fees (roofing, property inspection, geological, termite, etc.)
- Loan Origination Fee
- Points paid to lower interest rate (if applicable)
- Escrow Fee (1/2)
- Document Preparation
- Notary Fees
- Recordation Fees
- Tax proration (from date of acquisition)
- Homeowners Transfer Fee
- All new loan charges (except those required by Lender for seller to pay) interest on new loan from date of funding to 30 days prior to first Payment date Assumption/Change of Records fees for takeover of existing loan.
- Inspection Fees (roofing, property inspection, geological, termite, etc.)
- City Transfer/Conveyance Tax (according to contract)
- Hazard Insurance Premium for first year
- impounds and interest on new loan
- Fire insurance premium for first year
- Home warranty
- Private Mortgage Insurance (PMI, if applicable)
- Hazard Insurance Premium for first year
What the Seller can expect to pay in closing costs:
- Real Estate Commission
- Document preparation fee for Deed
- Payoff of all loans in seller´s name (or existing loan balance if being assumed by buyer)
- Interest accrued to lender being paid off, Statement Fees, Reconveyance
- Fees and any prepayment penalties.
- Any judgments, tax liens, etc., against the seller.
- Tax pro-ration (for any taxes unpaid at time of transfer of title)
- Any unpaid Homeowners dues
- Any bonds or assessments (according to contract)
- Any and all delinquent taxes
You may want to learn more about the escrow process here in Arizona.
Arizona Buyer’s Sing Here, and Here
Arizona Home Buyers, Should You Call Your Lawyer?
