Buyer closing costs can vary greatly depending on property value and other factors. To get a better understanding of your expected closing costs, conferring with your real estate attorney, realtor, lender, and your tax accountant would be advisable.
Here's an outline of common buyer closing costs:
Lending Fees
- Origination Fees
- Loan Discount Points (if applicable)
- Private Mortgage Insurance (PMI) if putting less than 20% down
- Loan Underwriting & Processing Fees
- Down Payment
- Prepaid Interest
- Credit Report & Tax Service Fees
- Flood Certification Fee
- Appraisal
Transaction Fees
- Escrow Deposits
- Document Preparation
- Property Inspection
- Attorney Fees
- Utility Prorations
- Title & Homeowners Insurance
- Recording Fees for documents filed at the town office
Tax Fees
- Property Transfer Tax, Vermont's Property Sales Tax: The State of Vermont requires the buyer to pay a transfer tax whenever there is a purchase of real estate. The amount of the transfer tax is generally 1.45% of the purchase price. The tax is discounted to one half of one percent for the first $100,000.00 of the purchase price if you use the property as your primary residence. For more information click here or consult your real estate attorney.
- Real Estate Tax Prorations
Have specific questions? Please feel free to contact us for more information!
