Buyers Info
Buyer’s Agent
A buyer‘s agent WORKS ONLY FOR THE BUYER. A buyer‘s agent has fiduciary duties to the buyer which include reasonable care, undivided loyalty, and confidentiality and full disclosure.
However, in dealing with sellers, a buyer’s agent must act honestly. In dealing with both parties, a buyer’s agent may not make any misrepresentations on matters material to the transaction, such as the buyer’s financial ability to pay, and must disclose defects of a material nature affecting the physical condition of the property which a reasonable inspection by the licensee would disclose.
A buyer wishing to be represented by a buyer’s agent is advised to enter into a separate written buyer agency contract with the brokerage firm which is to work as their agent.
Estimate Closing Cost :
| LEGAL FEE Generally $750 and up, depending on the attorney and the transaction. |
$_________ |
| TITLE SEARCH AND INSURANCE Varies, approximately $5 per $1000. |
$_________ |
| RECORDING FEES Required by local government clerk, About $40-$60. |
$_________ |
| SURVEY If required: averages $300-$600. |
$_________ |
| HOMEOWNER’S INSURANCE One-family house: $600-$10,000/year. |
$_________ |
| FLOOD INSURANCE Approximately $1000/year if needed. |
$_________ |
| MORTGAGE TAX
(Not in New Jersey) |
$_________ |
| LENDER’S ATTORNEY REVIEW FEE $300-$450 average where applicable. |
$_________ |
| PREPAID INTEREST Paid to lender. Covers interest on mortgage beginning from day of closing to end of first month. |
$_________ |
| ESCROW FEES Paid to lender, covering approximately. 3 months’ real estate taxes 3 months’ fire/flood insurance 3 months’ PMI premium.where applicable. |
$_________ |
| POINTS Paid to lender, usually 2 to 4 (1 “point” = 1% of mortgage) |
$_________ |
| Other Up-Front Expenses required of Buyer. APPLICATION FEE |
$_________ |
| CREDIT REPORT FEE $200-$300. |
$_________ |
| APPRAISAL | $_________ |
| TERMITE/BUILDING INSPECTION | $_________ |
| FUEL ADJUSTMENT For any fuel left behind by seller. |
$_________ |
|
ESTIMATED TOTAL |
$_________ |
| Courtesy of Friedberg Properties | |
