Buyers Info
Buyers
Tom Burke, Broker, GRI
Purchasing a home is a complex trnsaction that has many steps involved. If you are interested in buying a property you will need an agent to represent your best interests. The Agent that has listed the property has a contractual fudiciary relationship with the seller and is committed to represent the seller to the sellers best interest. With the home inspection, mortgage process, and enviromental inspections you need an experienced professional to represent your best interests in negotiating with the sellers agent.
Closing Costs
When buying or selling properties there are additional fees and taxes that must be paid in order to record the transaction in the county of record and legalize the sale. This guide is an estimate and fees may vary depending on which title company handles the transaction, your mortgage company, and other items that may be required for a particular property.
Lender Fees:
Loan Origination Fee Charged by lender to originate mortgage loan. Usually 1% of loan amount. Buyer fee.
Discount Points Optional fee paid to lender to lower interest rate. Some loan programs require discount points. Buyer fee
Funding Fee 1.5% of loan amount on FHA and 2.25% of loan amount on VA loans. Buyer fee. May be added to loan amount at
option of buyer
Appraisal Fee $400. Buyer fee
Credit Report $75 Buyer fee
Lender Processing fee $650 Buyer fee, however paid by seller on FHA and VA transactions.
Flood Certificate $25 Buyer fee
Title Company Fees:
Settlement Fee $350 Buyer Fee
Title Search $150 to $200 May be higher for larger and commercial properties Buyer fee
Title Exam $100 Buyer fee
Courier payoff $25 per loan Seller fee
Release Service Fee $95 plus $30 per loan Seller fee
Title Insurance:
Lenders Policy $2.50 per $1000. of loan amount plus $35 Buyer fee
Owners Policy $1.85 per $1000 of sales price
Title Insurance Binder Fee $75. Buyer fee
Property Tax:
All arrears and current year property tax Seller fee
Prorated Credit to seller for remainder of year Buyer fee
Hazard Insurance:
Receipt for first year must be paid in advance of settlement. Varies with coverage and property. Buyer fee
Prepaids:
Interest Monthly interest on mortgage divided by 30 times number of days remaining in month. Buyer fee
Hazard Insurance Annual policy amount divided by 12 times 3 months. Held in escrow by lender Buyer fee
Property Tax Annual tax amount divided by 12 times 3 months. Held in escrow by lender Buyer fee
Recording Fee:
Deed $40 buyer fee
Mortgage $40 per mortgage Buyer fee
Transfer Taxes: Transfer taxes can be paid by either the buyer or the seller depending what is agreed to in the contract
State of Maryland Transfer Tax .5% of sales price. If first time homebuyer tax is reduced to .25% and seller pays.
Charles County Recordation Tax $10.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.
Charles County Transfer Tax none
St Marys County Recordation Tax $8.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.
St Marys County Transfer Tax 1% of the sales price. Reduced $300 if property is to be owner occupied
Calvert County Recordation Tax $10.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.
Calvert County Transfer Tax none
Anne Arundel County Recordation Tax $7.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.
Anne Arundel County Transfer Tax 1% of the sales price.
Prince George County Recordation Tax $4.40 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.
Prince George County Transfer Tax 1.4% of the sales price.