Orlando, FL—Closing costs are paid at the end of the home buying process and typically include property-related fees and mortgage-related fees, according to Bankrate. Every homebuyer will pay a different amount in closing costs as some will incur more or less fees than others. If a homebuyer is looking to gain a better understanding of what fees they can expect to pay in closing costs, they are encouraged to read on below.
Property-Related Fees vs. Mortgage-Related Fees
According to Bankrate, several different property-related fees will be included in a homebuyer’s closing costs. These include:
- An appraisal fee. The appraisal fee covers the cost of getting a home valued.
- A home inspection fee. Homebuyers are always encouraged to hire a licensed professional to conduct a home inspection before they buy a home. The home inspection, depending on how extensive it is, should reveal any structural issues or defects the home contains. Homebuyers do have the option of negotiating the price of the property if the home contains several issues they will be required to repair.
- Title search fee. A title search helps to identify whether any “issues with ownership or liens” exist. It is always a good idea for a new homebuyer to have an Orlando, FL real estate attorney assist them with the title search as they are going to put their interests first unlike other parties who are merely looking out for theirs.
- Title insurance. Title insurance helps protect a homebuyer in the event an issue with the title arises. If a homebuyer isn’t sure whether they need title insurance, an Orlando real estate attorney can assist them with making an informed decision on the matter.
In addition to property-related fees, Bankrate also says a homebuyer can also expect to pay certain mortgage-related fees in closing costs, some of which include:
- Credit report fee
- Origination fee
- Application fee
- Underwriting fee
- Local fees
- Legal fees
Bankrate also says that a homebuyer may be looking at having to pay two to five percent of their purchase price in closing costs. This is in addition to what a homebuyer will pay for their down payment.
Retaining a Real Estate Lawyer to Assist With the Home Buying Process
As exciting as it is for an individual to buy a new home, it is a rather large investment they are making, and it shouldn’t be done without careful consideration. A real estate attorney can help a homebuyer consider all factors before they buy a home and ensure the purchase is going to be in their best interest. In addition, they will be there during the closing to ensure the paperwork contains all accurate information as sometimes, errors are made.
If an individual would like to consult with a real estate attorney in Orlando to learn more about how they can help them during the homebuying process or they have a specific question they’d like answered, they can contact Legal Counsel P.A.
Legal Counsel P.A. is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]