Definitions of Closing Costs
- An opinion of the value of a property at a given time, based on facts regarding the location, improvements, etc. of the property and surroundings.
Assumption Transfer Fee
- A fee assessed by the lender to buyer to assume the present loan.
- A report on the past ability of a loan applicant to pay installment payments.
- A fee charged by an attorney for preparing legal documents for a transaction.
- A fee charged by the title company to service the transaction, to escrow monies and to cover document costs. The amount varies with company; usually split between buyer and seller.
Escrow / Impound Account
- Funds held by the lender for payment of taxes and insurance when due. Usually does not include maintenance fees.
- Protects the property and contents in case of loss; must be for at least the loan amount or for 80% of the value of the improvements, whichever is greater.
- Do we have the earnest money check from the buyer? Does it match the dollar amount provided for in the contract? Is it made payable to South Land Title Company?