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Make sure that you know all that will be required out of pocket before closing and at closing. Ideally, each party will pay for their own closing costs associated with the purchase and the sale of a home. These can be negotiable based on the lender requirements and market conditions.

The fees are usually paid at the settlement and will be itemized on the closing statement. Buyers should be aware of them before contracting on a home. If a mortgage is involved, the lender will verify that the borrower has sufficient funds at closing to pay for them.

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Buyer’s closing costs can range between 2-5% of the sales price. The real estate agent should be able to give an estimate of what a buyer can expect. The most accurate estimate will come from the lender at the time the loan application is made. They may or may not include other fees that will be charged to buyers by the title or escrow company.

Lenders are required to provide the buyers a standard Closing Disclosure (CD) form at least three business days before the loan closing date. This document will include loan terms, estimated monthly payments, loan fees, and other charges. This can be compared to the Loan Estimate provided by the lender when the application was made initially.

Once a contract is accepted, the buyer will potentially be out of pocket with earnest/escrow money, home inspection, termite inspection, septic/well inspection, and appraisal. So, know what you need to have out back beforehand. This will allow a smooth process to the closing table.