In addition to the listed price of a property, there are certain incidental closing costs involved in completing the transaction. And although they’re not hidden, they can certainly come as a surprise, especially to a first-time buyer.
These incidental costs include:
- Deed Transfer Taxes
- Mortgage Insurance
- Appraisal fees, legal fees and disbursements
- Adjustments for property tax, property insurance and mortgage
- And applicable home warranties
Incidental costs will vary, so it’s always a good idea to investigate all the details – especially for new home construction. Be sure and ask your "Local Expert" for a complete list of the estimated closing costs for your market area before you make an offer, so that the only surprises are good ones.
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