Closing Costs               For Buyers and Sellers In Butler County Ohio

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. Read and your contract carefully, before signing it, so you understand how the closing costs will be divided.

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

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. I will be glad to review the "Good Faith Estimate," answering questions and highlighting missing costs and estimates I believe to be low.

• Points  - Varies from lender to lender
• Application Fee - Typically $250 but not all lenders charge
• Commitment Fee - Typically $50 but not all lenders charge
• Document Preparation - Typically $309 but not all lenders charge
• Mortgage Broker, Origination or Lender Fee - Ask Lender
• Processing - Typically $350 but not all lenders charge
• Tax Service Fee - Approximately $81
• Underwriting Fee - Typically $200 but not all lenders charge
• Wire Transfer Fee - Approximately $15
• Credit Report - Approximately $20
• Hazard Insurance - Call your Insurance Agent
• Private Mortgage Insurance "PMI" - Ask Lender
• Pre-Paid Interest - Ask Lender to calculate
• Escrow Account Deposits - Based on amount of taxes and insurance and when you close - Ask Lender

These fees are changing constantly in today's market, check the fees carefully and compare lenders.

Title and Closing Fees

• Appraisal - Approximately $325 (Buyer)
• Deed Preparation - Approximately $60 (Seller)
• Closing Fee - Typically $250-$300 (Buyer or Buyer and Seller)
• Flood Certification - Typically $14 (Buyer)
• Pest Inspection - Typically $45 (Buyer)
• Courier, Postage - Typically $40 (Seller)
• Survey - Approximately $145 (Buyer)
• Lender's Title Insurance - See Table Below:

Lender's Insurance
(Minimun Premium $125.00)
Amount of Insurance	Per Thousand	Differential
Up to $150,000	$4.00	$0.00
$150,001 - $250,000	$3.25	$112.50
$250,001 - $500,000	$2.50	$300.00
$500,001 - $10,000,000	$2.25	$425.00
$10,000,001 and above	$2.00	$2,925.00

• Owner's Title Insurance - Optional for Buyers in Ohio, but I highly recommend all Buyers have the Title Agent fully explain the benefits of Title Insurance so an educated decision is made - See Table Below:

Owner's Insurance
Minimum Premium $175.00
Amount of Insurance	Per Thousand	Differential
Up to $150,000	$5.75	$0.00
$150,001 - $250,000	$4.50	$187.50
$250,001 - $500,000	$3.50	$437.50
$500,001 - $10,000,000	$2.75	$812.50
$10,000,001 - and above	$2.25	$5,812.50

• Endorsements to Policy - Most are from $50 to $100 each - Ask your Title Agent to explain what endorsements are required and what endorsements you will be charged for (Buyer)
• Title Search -  Typically $150 -$250 (Buyer)
• Real Estate Commission - Typically 4%-6% (Seller)
• Filing/Recording Fees - Ask your Title Company
• Conveyance Fee or Transfer Tax - Ask your Title Company

The above estimates are for informational purposes only and should be considered estimated costs. While every effort was made to be as accurate as possible, costs vary between the different service providers and are subject to change without notice. Many fees are negotiable and should be discussed with your service provider. Only a Licensed Title Agent can quote you exact fees for title insurance. Most importantly, know and understand each and every fee you are being charged.

If you are thinking of buying and/or selling a home in Butler County, Ohio, please feel free to call me at (513)238-8809 or email me at myrealtor@cinci.rr.com. I am always happy to assist!