Buyer Closing Costs in NC
Closing costs in a real estate transaction are prepared on a settlement statement, called a HUD-1. See what are considered common buyer closing costs in NC.
Buyer closing costs a prepared on the settlement statement, called a HUD-1. It is this statement that gets the most attention. The HUD-1 outlines all of the charges to each party (buyer and seller), including lender’s fees, escrow, insurance premiums, deed recording charges, the land survey, a termite inspection, title insurance, HOA/condo dues and the Title insurance policy premiums.
Home buyer closing costs in NC include a variety of fees and expenses that you and the seller will have to pay at the time of your real estate closing. Your lender must provide a good-faith estimate of all buyer closing costs. In NC a real estate attorney, selected by the buyer, conducts the closing and will tell you the required amount for:
- Down payment
- Loan origination / Lender fees
- Points, or loan discount fees, which you pay to receive a lower interest rate
- Home Inspection & Termite Inspection
- Credit report
- Private mortgage insurance premium (unless you will put 20%+ down payment)
- Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
- Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
- Deed recording
- Title insurance policy premiums
- Land survey
- Notary fees
- Pro-rations for your share of costs, such as utility bills and property taxes
A Note About Pro-rations
Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Pro-ration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be pro-rated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
For more information, view the Questions & Answers on Real Estate Closings, published by the NC Real Estate Commission.
Buyer Tip Videos
Visit my YouTube Channel’s “Home Buying Tips” playlists. There are many helpful home buying videos to watch.
More Home Buying Tips
If you planning to buy real estate in the Lake Norman area, make sure you understand what steps are involved in real estate contract negotiation. Learn what a Home Inspection should cover and what a Home Warranty covers. Find out what the goal of a final walk-through should be and what Buyer closing costs are and about the HUD-1.
Compare Lake Norman Towns
Moving to the Lake Norman area? No town has the same personalty. Which town matches your lifestyle? Compare these Lake Norman towns before you buy real estate – Cornelius, Davidson, Denver, Huntersville and Mooresville.
Living on Lake Norman
Find Lake Norman Information; the lake towns and counties on the lake. Whether you are purchasing Lake Norman waterfront real estate or planning on boating or fishing on Lake Norman you’ll want to know where there is lake access with boat ramps and marinas. You might even decide to join one of the many boating clubs on the lake.
Lake Norman Real Estate
Planning on home buying or selling a home in the lake area? Search MLS listings that are up-to-date and accurate for Lake Norman real estate for sale, Cornelius NC real estate, Davidson NC real estate, Denver NC real estate, Huntersville NC real estate and Mooresville NC real estate. Don’t forget to search Lake Norman waterfront property. In conclusion, you’ll need to compare these properties, the amenities they offer and the true costs of living in each town.
Useful Links & News
Don’t forget to view Lake Norman links for more information about the entire Charlotte region. Stay up-to-date on the Lake Norman housing trends. Consequently, these sales trends are just as important to home buyers as for home sellers to know.
Thank You for Visiting
The real estate in Lake Norman offers something for every lifestyle. Learn more about Robin A Puckett. Matching homes with lifestyles is the basis for Robin’s Lake Norman real estate business. Therefore, contact Robin if you have any questions.