Wednesday, September 22, 2010

Albuquerque Real Estate definitions - CLOSING COSTS

We are often asked 'what are closing costs' when a buyer is purchasing a home and a seller is selling a  home.  These typical closing costs vary from market place to market place.

In Albuquerque, for example, customary closing costs for sellers are the title fees, and the buyers' closing costs are typically anything associated with their loan.  The buyer may be asked to pay for the inspections and home warranty if these are desired.

"Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property.  Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey.  Closing cost percentages will vary according to the area of the country; lenders or Realtors® often provide estimates of closing costs to prospective homebuyers and sellers."

In my co-authored book "Get the Best Deal When Selling Your Home, Albuquerque, New Mexico Edition" - I provide a comprehensive list of definitions and guidelines for selling your Albuquerque home.

You can contact me for a free copy anytime!

Linda DeVlieg, Associate Broker
Coldwell Banker Legacy
Albuquerque, New Mexico
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