| Copyright © 2005 Reich Realty Website design provided by Laura Donmoyer "Planning Your Strategy", "Getting Ready For Sale", and "From Sale To Settlement" - taken from The Complete Homesellers Guide © The Gooder Group, Fairfax, Virginia 1989, 1990. All Rights Reserved. Guide compliments of The International Relocation Network |
FROM SALE TO SETTLEMENT
The final pieces are falling into place. Then, one day, you receive an offer for your house. Now you’re ready to negotiate with a
buyer, sign a contract, wait for your buyer to secure a mortgage loan, make preparations to move, and, at settlement, finally
collect payment and hand over the keys. Throughout the process, your agent is at hand to help position each piece until, at last,
you have the complete picture: sold, settled and moved.
buyer, sign a contract, wait for your buyer to secure a mortgage loan, make preparations to move, and, at settlement, finally
collect payment and hand over the keys. Throughout the process, your agent is at hand to help position each piece until, at last,
you have the complete picture: sold, settled and moved.
 | What’s the best way to negotiate when a buyer makes an offer? | |
When you receive a signed offer through either your listing agent or a cooperating selling agent, depending on local practice, you discuss
the terms and buyer’s qualifications with your agent.
Every seller has three basic options when presented with an offer. You can either accept or reject what’s offered, or you can make a written
counter offer as soon as possible. You will want to keep the house on the market. Until you sign, buyers can always withdraw an offer if they
suffer an ailment called “buyer’s remorse". Be sure to reply immediately because buyers are in the mood to buy when they make an offer,
but moods change.
Either your agent or the cooperating selling agent will have the information you need to determine whether the buyer is qualified to buy
your house. Remember the first contract received often turns out to be the best. Experience shows the first 30 days on the market are
critical because a backlog of buyers often exists. These buyers have been looking and waiting for a house just like yours. Overpricing
misses out on this buyer backlog, and so does turning down good offers in the early days in the hopes of doing better later.
Negotiating the sale price and terms sometimes means walking a tightrope between the highest price the buyer is willing to pay and the
lowest price you can accept. Arriving at an agreement may take patience, psychology, flexibility - and intuition. Keep the dialogue going
until you agree on price and terms. Remember sometimes a low offer can be turned into just what you are looking for.
Rely on your agent, who is in a unique position to help negotiations along, since your agent knows both your situation and the buyer’s.
Your agent is professionally trained to find a meeting of the minds where everybody wins. After all, everyone has the same goal: you want
to sell, the buyer wants to buy and your agent wants to close the transaction.
Your signed acceptance of a written offer becomes your sales contract. Except for removing any contingencies this document is the
binding basis for the sale. Contingencies are typically used to smooth acceptance of a contract without delaying the buying decision.
Most contracts are contingent upon financing. This is for your protection as well as the buyer’s, because you don’t want to be tied to a
buyer who can’t deliver.
the terms and buyer’s qualifications with your agent.
Every seller has three basic options when presented with an offer. You can either accept or reject what’s offered, or you can make a written
counter offer as soon as possible. You will want to keep the house on the market. Until you sign, buyers can always withdraw an offer if they
suffer an ailment called “buyer’s remorse". Be sure to reply immediately because buyers are in the mood to buy when they make an offer,
but moods change.
Either your agent or the cooperating selling agent will have the information you need to determine whether the buyer is qualified to buy
your house. Remember the first contract received often turns out to be the best. Experience shows the first 30 days on the market are
critical because a backlog of buyers often exists. These buyers have been looking and waiting for a house just like yours. Overpricing
misses out on this buyer backlog, and so does turning down good offers in the early days in the hopes of doing better later.
Negotiating the sale price and terms sometimes means walking a tightrope between the highest price the buyer is willing to pay and the
lowest price you can accept. Arriving at an agreement may take patience, psychology, flexibility - and intuition. Keep the dialogue going
until you agree on price and terms. Remember sometimes a low offer can be turned into just what you are looking for.
Rely on your agent, who is in a unique position to help negotiations along, since your agent knows both your situation and the buyer’s.
Your agent is professionally trained to find a meeting of the minds where everybody wins. After all, everyone has the same goal: you want
to sell, the buyer wants to buy and your agent wants to close the transaction.
Your signed acceptance of a written offer becomes your sales contract. Except for removing any contingencies this document is the
binding basis for the sale. Contingencies are typically used to smooth acceptance of a contract without delaying the buying decision.
Most contracts are contingent upon financing. This is for your protection as well as the buyer’s, because you don’t want to be tied to a
buyer who can’t deliver.
| What’s in a sales contract? | |
The sales contract is a very important document. The terms defined in the writing will be used throughout the transaction. Depending on
the situation, terms and conditions will vary. Most important is making sure you know who pays what and what the cost of those items are.
Here are some typical points contained in a contract:
• A description of the property, including separate personal property that is to be conveyed to the buyer.
• The amount of earnest money (also deposit”), who holds it and what happens to it in case of default. Earnest money is a partial down
payment that shows the buyer’s good faith in buying. Normally earnest money deposits are returned to the buyer if the contingencies are
not met.
• The sale price of your house.
• The amount of the buyer’s down payment. This amount, plus the mortgage loan, equals the purchase price.
• The amount of mortgage loan the buyer intends to obtain, the maximum interest rate the buyer will pay and a time limit to secure loan
approval, and/or specified seller financing.
• Discount points, and who pays them.
• The date of settlement.
• Possession date, and any pre or post-settlement occupancy agreement if you wish to stay in the house after settlement and pay rent, or
the buyer needs to occupy before settlement.
• Contingencies that will determine the fulfillment of the contract, such as: prompt inspection to determine the condition of your house;
required improvements, such as painting, roofing; termite inspection; legal review of the contract by either or both buyers or seller’s
lawyer(s).
• Your signature, and signature of the buyer.
the situation, terms and conditions will vary. Most important is making sure you know who pays what and what the cost of those items are.
Here are some typical points contained in a contract:
• A description of the property, including separate personal property that is to be conveyed to the buyer.
• The amount of earnest money (also deposit”), who holds it and what happens to it in case of default. Earnest money is a partial down
payment that shows the buyer’s good faith in buying. Normally earnest money deposits are returned to the buyer if the contingencies are
not met.
• The sale price of your house.
• The amount of the buyer’s down payment. This amount, plus the mortgage loan, equals the purchase price.
• The amount of mortgage loan the buyer intends to obtain, the maximum interest rate the buyer will pay and a time limit to secure loan
approval, and/or specified seller financing.
• Discount points, and who pays them.
• The date of settlement.
• Possession date, and any pre or post-settlement occupancy agreement if you wish to stay in the house after settlement and pay rent, or
the buyer needs to occupy before settlement.
• Contingencies that will determine the fulfillment of the contract, such as: prompt inspection to determine the condition of your house;
required improvements, such as painting, roofing; termite inspection; legal review of the contract by either or both buyers or seller’s
lawyer(s).
• Your signature, and signature of the buyer.
| What personal property will a buyer expect to “go with the house?” | |
When your house is sold there is a distinction between real property and personal property. Generally, the house, land, trees, shrubbery,
fences, TV antenna and any fixture inside or outside that if removed would cause visible damage is considered real property. Anything
else is personal property.
Unless you say in the contract otherwise, real property stays and personal property goes with you. That’s why some real property is often
written into the contract to be clear it is not part of the sale.
You’re free to remove whatever freestanding personal possessions you want to take with you, such as the refrigerator, washer, dryer,
firewood, swimming pool chemicals, window air conditioner, etc., if the items do not alter the condition of the house. Clearly, you won’t
take with you the wall-to-wall carpet or built-in cabinets and appliances - unless your buyer agrees and this is spelled out in your sales
contract. If you do agree, you must repair any holes or damage.
When you place your house on the market decide what’s to stay and include these items in the sale price. Some home sellers leave
behind awnings, draperies, blinds, shades and rods bought to fit specific windows. Sometimes buyers ask for personal property like garden
tools, or, if you are moving to an apartment, you may offer to leave the tools.
Whatever you wish to take with you, either remove before showing your house or specify in the written con-tract that it does not go with the
house. Some items like chandeliers are normally considered real property. You can agree to take it, but if your sale hinges on the
conveyance of the chandelier, let the chandelier go.
fences, TV antenna and any fixture inside or outside that if removed would cause visible damage is considered real property. Anything
else is personal property.
Unless you say in the contract otherwise, real property stays and personal property goes with you. That’s why some real property is often
written into the contract to be clear it is not part of the sale.
You’re free to remove whatever freestanding personal possessions you want to take with you, such as the refrigerator, washer, dryer,
firewood, swimming pool chemicals, window air conditioner, etc., if the items do not alter the condition of the house. Clearly, you won’t
take with you the wall-to-wall carpet or built-in cabinets and appliances - unless your buyer agrees and this is spelled out in your sales
contract. If you do agree, you must repair any holes or damage.
When you place your house on the market decide what’s to stay and include these items in the sale price. Some home sellers leave
behind awnings, draperies, blinds, shades and rods bought to fit specific windows. Sometimes buyers ask for personal property like garden
tools, or, if you are moving to an apartment, you may offer to leave the tools.
Whatever you wish to take with you, either remove before showing your house or specify in the written con-tract that it does not go with the
house. Some items like chandeliers are normally considered real property. You can agree to take it, but if your sale hinges on the
conveyance of the chandelier, let the chandelier go.
| How long will I wait between sales contract and settlement? | |
During this time your agent will probably be busier than ever. Your agent will facilitate the process all the way through settlement as
needed by keeping in touch with all parties, ironing out problems, expediting the loan process, arranging inspections, running papers
across town, coordinating appointment dates. You can help speed up the process by signing the contract promptly and making any repairs
required as soon as possible.
Your sales contract can specify how long you’re willing to wait, but t must be realistically based on the time lenders are taking in your area
to process loans.
Depending on the type of financing your buyer is applying for, a typical waiting period can be any time between 30 and 90 days, but
sometimes more or less. Basically you must wait as long as it takes the lender to approve the loan. The difference in waiting time largely
depends on whether it is conventional, government-backed FHA/VA or owner financing.
Conventional: Typically this financing is obtained in the shortest time, depending on appraisal caseload, amount of time needed for
credit check and other lender requirements.
FHA/VA: Appraisals, credit check, verifications of employment and deposits are always done first. After the property meets specifications
and all documents are received by the private lender, then the loan is usually sent to FHA or VA for approval. Some lenders have “direct
endorsement” and applications do not need to be sent to FHA or VA. If approved, survey and termite check are ordered. Total time may be
up to 90 days in peak periods.
After the mortgage loan has been approved, your agent will help arrange with you and your buyers a date, time and place for settlement.
During this loan approval period you will begin making preparations to move, and final plans once a settlement date is set.
needed by keeping in touch with all parties, ironing out problems, expediting the loan process, arranging inspections, running papers
across town, coordinating appointment dates. You can help speed up the process by signing the contract promptly and making any repairs
required as soon as possible.
Your sales contract can specify how long you’re willing to wait, but t must be realistically based on the time lenders are taking in your area
to process loans.
Depending on the type of financing your buyer is applying for, a typical waiting period can be any time between 30 and 90 days, but
sometimes more or less. Basically you must wait as long as it takes the lender to approve the loan. The difference in waiting time largely
depends on whether it is conventional, government-backed FHA/VA or owner financing.
Conventional: Typically this financing is obtained in the shortest time, depending on appraisal caseload, amount of time needed for
credit check and other lender requirements.
FHA/VA: Appraisals, credit check, verifications of employment and deposits are always done first. After the property meets specifications
and all documents are received by the private lender, then the loan is usually sent to FHA or VA for approval. Some lenders have “direct
endorsement” and applications do not need to be sent to FHA or VA. If approved, survey and termite check are ordered. Total time may be
up to 90 days in peak periods.
After the mortgage loan has been approved, your agent will help arrange with you and your buyers a date, time and place for settlement.
During this loan approval period you will begin making preparations to move, and final plans once a settlement date is set.
| What do I have to do to get ready for settlement? | |
Settlement customs vary widely. Your best bet is to consult with your agent and attorney about who is expected to bring what items to
settlement. Most items will be sent ahead by your agent or arranged by the settlement attorney or escrow agent. You may need to bring
only your checkbook and house keys.
Items needed at settlement:
• All the keys for the house. Don’t forget garage door opener, garage and shed keys, padlock combinations, code for security systems!
• Warranties on mechanical equipment. Sometimes these are left at the house.
• Instructions and manuals on maintenance and operation of equipment.
• A copy of the sales contract.
• Proof that contingencies have been met.
• Documents to implement the transfer of title.
• Homeowner’s insurance policy.
• Pro-rations for continuing expenses, such as utilities, taxes, insurance, interest on an assumed loan.
• Latest receipts of payments on water and utility bills, and current meter reading.
• Your lender’s certification of your mortgage balance and the date to which interest is paid.
settlement. Most items will be sent ahead by your agent or arranged by the settlement attorney or escrow agent. You may need to bring
only your checkbook and house keys.
Items needed at settlement:
• All the keys for the house. Don’t forget garage door opener, garage and shed keys, padlock combinations, code for security systems!
• Warranties on mechanical equipment. Sometimes these are left at the house.
• Instructions and manuals on maintenance and operation of equipment.
• A copy of the sales contract.
• Proof that contingencies have been met.
• Documents to implement the transfer of title.
• Homeowner’s insurance policy.
• Pro-rations for continuing expenses, such as utilities, taxes, insurance, interest on an assumed loan.
• Latest receipts of payments on water and utility bills, and current meter reading.
• Your lender’s certification of your mortgage balance and the date to which interest is paid.
| What reimbursements can I expect to receive at settlement? | |
Reimbursement somewhat offsets the costs of settlement, and you’re due all of the following applicable refunds:
• Insurance premiums you've already paid.
• Interest on the mortgage you've already paid for the portion of the month after settlement.
• Property taxes you've already paid.
• Utility deposits held by gas, water, electric and phone companies.
• Remainder of any service contracts you've already paid.
• Balance of any escrow funds held by your mortgage lender.
• Insurance premiums you've already paid.
• Interest on the mortgage you've already paid for the portion of the month after settlement.
• Property taxes you've already paid.
• Utility deposits held by gas, water, electric and phone companies.
• Remainder of any service contracts you've already paid.
• Balance of any escrow funds held by your mortgage lender.
| What happens at settlement? | |
Although settlement details vary from area to area, three basic steps are always taken. You as the seller prove you have marketable title,
the buyer pays for the property, and you give the buyer a deed or bill of sale. Settlement usually takes place in less than an hour.
Specifically, you sign the settlement papers and the deed. Your buyer signs the settlement papers and mortgage note.
All payments by you and your buyer are detailed on standard federal settlement forms. You pay for your closing costs and your buyer pays
whatever is owed on the down payment plus the buyer’s closing costs.
You receive, either now or shortly after settlement, any money kept in escrow for taxes and insurance and unused prepaid items, such as
insurance. Disbursement of funds may be at settlement or within 7-10 working days, depending on local custom.
When all papers are signed and checks have changed hands, you hand the buyer your keys. Your house is sold and the transaction
officially settled when the papers are recorded.
the buyer pays for the property, and you give the buyer a deed or bill of sale. Settlement usually takes place in less than an hour.
Specifically, you sign the settlement papers and the deed. Your buyer signs the settlement papers and mortgage note.
All payments by you and your buyer are detailed on standard federal settlement forms. You pay for your closing costs and your buyer pays
whatever is owed on the down payment plus the buyer’s closing costs.
You receive, either now or shortly after settlement, any money kept in escrow for taxes and insurance and unused prepaid items, such as
insurance. Disbursement of funds may be at settlement or within 7-10 working days, depending on local custom.
When all papers are signed and checks have changed hands, you hand the buyer your keys. Your house is sold and the transaction
officially settled when the papers are recorded.
| What are some “tricks of the trade” to cut moving costs? | |
The least expensive way to move is to do it yourself. However, not all of us have the time, strength and energy, so our first step is to choose
the right professional mover.
Moving companies provide a variety of services and range of fees. Shop for the best service, rates and charges. Determine the degree of
liability the mover assumes for your furnishings, what claims protection you will have, and the mover’s record of reliable service. Get
estimates based on the approximate weight or volume of your belongings and the distance to be traveled. Many companies offer binding
estimates, which guarantee a given price, barring additions to the estimated load. This takes the guesswork out of the picture, but a non-
binding estimate is apt to be lower than a binding one and might be more feasible—especially if you are able to check the weight yourself
at a weighing station. Don’t stop with just rates - ask about additional charges and methods used to compute time.
Some cost-wise tactics:
• Leave the oldies, heavies and outgrowns behind: the 12-year-old washer and dryer, the workbench, the sand-box. Purge your record and
book collection. To make your moving simpler and your house show better have a yard sale of outgrown clothes, garage “treasures” and
disposables. Give unwanted items to friends or donate to charity.
• Do your own packing but do it professionally. Use especially-designed containers bought from your mover.
• Insure your belongings sufficiently for the move. Mover’s insurance is minimal. Check to see if the standard coverage per pound times
the weight of your shipment is sufficient to pay replacement cost of your goods. You may need to purchase additional coverage from
your mover.
• To be on the safe side, take your valuables (jewelry, legal documents, family photos, etc.) with you or send them by registered or insured
mail. Keeping a list of all items you want to take with you personally may be helpful.
• Save on your taxes. Keep a detailed moving-expenses book with receipts of your costs, including transportation, lodging, meals, etc. If
you’re moving because of a job change, such expenses may be deductible. Check with your IRS office or tax preparer.
• Find out if your employer, either the one you’re leaving or your new one, will share your expenses. These could include the costs of
selling your current house, real estate fees, your house-hunting and moving costs and related expenses, plus settlement fees at both
ends.
• Keep a record of any improvements made in your house, especially fix-ups connected with the sale of your house. These are deductible
when the fix-ups are made within 90 days of the contract date and paid within 30 days of settlement.
the right professional mover.
Moving companies provide a variety of services and range of fees. Shop for the best service, rates and charges. Determine the degree of
liability the mover assumes for your furnishings, what claims protection you will have, and the mover’s record of reliable service. Get
estimates based on the approximate weight or volume of your belongings and the distance to be traveled. Many companies offer binding
estimates, which guarantee a given price, barring additions to the estimated load. This takes the guesswork out of the picture, but a non-
binding estimate is apt to be lower than a binding one and might be more feasible—especially if you are able to check the weight yourself
at a weighing station. Don’t stop with just rates - ask about additional charges and methods used to compute time.
Some cost-wise tactics:
• Leave the oldies, heavies and outgrowns behind: the 12-year-old washer and dryer, the workbench, the sand-box. Purge your record and
book collection. To make your moving simpler and your house show better have a yard sale of outgrown clothes, garage “treasures” and
disposables. Give unwanted items to friends or donate to charity.
• Do your own packing but do it professionally. Use especially-designed containers bought from your mover.
• Insure your belongings sufficiently for the move. Mover’s insurance is minimal. Check to see if the standard coverage per pound times
the weight of your shipment is sufficient to pay replacement cost of your goods. You may need to purchase additional coverage from
your mover.
• To be on the safe side, take your valuables (jewelry, legal documents, family photos, etc.) with you or send them by registered or insured
mail. Keeping a list of all items you want to take with you personally may be helpful.
• Save on your taxes. Keep a detailed moving-expenses book with receipts of your costs, including transportation, lodging, meals, etc. If
you’re moving because of a job change, such expenses may be deductible. Check with your IRS office or tax preparer.
• Find out if your employer, either the one you’re leaving or your new one, will share your expenses. These could include the costs of
selling your current house, real estate fees, your house-hunting and moving costs and related expenses, plus settlement fees at both
ends.
• Keep a record of any improvements made in your house, especially fix-ups connected with the sale of your house. These are deductible
when the fix-ups are made within 90 days of the contract date and paid within 30 days of settlement.
| From your experience what are some tips to make moving go as smoothly as possible? | |
Moving is never easy, no matter how hard you try. Here are some basics, however to at least minimize any problems:
• Recognize the inevitable stress of moving and take steps to reduce it by:
a) Paying close attention to the feelings and ideas of every member of the family.
b) Helping children face moving by making a game of as many steps as you can: in packing; exploring the new place, especially any
schools, parks, playgrounds, pools; having a good-bye party where friends are invited to come visit the new place, and planning
another party soon after the move. Ask kids to help pack their things, and mark boxes “My Stuff.”
c) Getting as well acquainted as you can with your new surroundings before you start packing; in general, starting your new life before
you give up the old one.
• Start well before moving day to re-address newspaper, magazine and other subscriptions. Notify utility companies at both ends of
changeover dates. Get all necessary reports and transfer papers from banks, schools, churches and doctors. Cancel deliveries. Alert
friends to your moving schedule and the best times to drop by for farewells.
• Whether you’re hiring a mover or moving yourself, do the sorting and packing in easy stages. Pack boxes firmly for snug stacking in the
truck or van. Stuff pillows and blankets into bureau drawers. Number or color code boxes and make an inventory of contents, perhaps
mark room location on outside of boxes.
• Make a floor plan of the new house and plan where everything will go. Don’t guess; take measurements. Indicate which box number or
color code goes to which room, and use this inventory to check off at the new house.
• Pack all items you will take with you personally. Mark them “Do not load. For car.” Put them into car or out of the way before movers
come.
• Pack a “care package” and mark “Unload First:’ Moving in will be a long day, so take basics such as dried soups, coffee, tea, crackers,
peanut butter, canned goods, light bulbs, paper towels, toilet paper, garbage bags, sauce pan, paper plates, cups and utensils, can
opener, etc. Priorities will be children’s rooms, TV or radio, and a basic kitchen to unpack.
• On moving day, lay down plastic sheets to minimize dirt in the house. Lead movers around the house to make sure they understand your
instructions. Do a final check for forgotten items. Check movers Bill of Lading against your inventory.
• At the end of moving day, or arrival day, since every-thing is packed, go out and have a nice dinner. You've earned it!
• Recognize the inevitable stress of moving and take steps to reduce it by:
a) Paying close attention to the feelings and ideas of every member of the family.
b) Helping children face moving by making a game of as many steps as you can: in packing; exploring the new place, especially any
schools, parks, playgrounds, pools; having a good-bye party where friends are invited to come visit the new place, and planning
another party soon after the move. Ask kids to help pack their things, and mark boxes “My Stuff.”
c) Getting as well acquainted as you can with your new surroundings before you start packing; in general, starting your new life before
you give up the old one.
• Start well before moving day to re-address newspaper, magazine and other subscriptions. Notify utility companies at both ends of
changeover dates. Get all necessary reports and transfer papers from banks, schools, churches and doctors. Cancel deliveries. Alert
friends to your moving schedule and the best times to drop by for farewells.
• Whether you’re hiring a mover or moving yourself, do the sorting and packing in easy stages. Pack boxes firmly for snug stacking in the
truck or van. Stuff pillows and blankets into bureau drawers. Number or color code boxes and make an inventory of contents, perhaps
mark room location on outside of boxes.
• Make a floor plan of the new house and plan where everything will go. Don’t guess; take measurements. Indicate which box number or
color code goes to which room, and use this inventory to check off at the new house.
• Pack all items you will take with you personally. Mark them “Do not load. For car.” Put them into car or out of the way before movers
come.
• Pack a “care package” and mark “Unload First:’ Moving in will be a long day, so take basics such as dried soups, coffee, tea, crackers,
peanut butter, canned goods, light bulbs, paper towels, toilet paper, garbage bags, sauce pan, paper plates, cups and utensils, can
opener, etc. Priorities will be children’s rooms, TV or radio, and a basic kitchen to unpack.
• On moving day, lay down plastic sheets to minimize dirt in the house. Lead movers around the house to make sure they understand your
instructions. Do a final check for forgotten items. Check movers Bill of Lading against your inventory.
• At the end of moving day, or arrival day, since every-thing is packed, go out and have a nice dinner. You've earned it!
| Congratulations!! | |
Now that your house is sold, your check’s in your pocket and moving day’s over, you can smile, remembering how you
and your agent turned a confusing array of puzzling parts into a full-fledged composition. When you sell your next house
you’ll probably put the pieces in place in nothing flat.
If you know someone who is planning to move soon, please send them our website address or phone number. We
would be glad to share with them our experience as much as we've enjoyed informing you. Again, thank you!
and your agent turned a confusing array of puzzling parts into a full-fledged composition. When you sell your next house
you’ll probably put the pieces in place in nothing flat.
If you know someone who is planning to move soon, please send them our website address or phone number. We
would be glad to share with them our experience as much as we've enjoyed informing you. Again, thank you!
| Richard A. Reich, REALTOR |
| 827 Willow Street, Lebanon, PA 17042 (717) 273-8861 ~ dick@reichrealty.com |
| What do settlement costs include? | |
Your settlement costs depend on your area and the out-come of your negotiations with your buyer. Typically, these costs may include:
• Loan discount “points” based on the amount of the buyer’s mortgage loan.
• Interest on your mortgage loan for the portion of the month up to the settlement date.
• Termite inspection fee.
• Fees, such as preparation of release, recording of release, notary, trustee fees if needed, and grantor's tax, as local laws and customs
dictate.
• Brokerage fee.
• “If applicable” fees:
a) A prepayment penalty on your mortgage.
b) Repairs required by the lender if not paid by buyer
c) Settlement fees for attorney services such as paying off the loan and document preparation.
• Loan discount “points” based on the amount of the buyer’s mortgage loan.
• Interest on your mortgage loan for the portion of the month up to the settlement date.
• Termite inspection fee.
• Fees, such as preparation of release, recording of release, notary, trustee fees if needed, and grantor's tax, as local laws and customs
dictate.
• Brokerage fee.
• “If applicable” fees:
a) A prepayment penalty on your mortgage.
b) Repairs required by the lender if not paid by buyer
c) Settlement fees for attorney services such as paying off the loan and document preparation.
| Escrow: The placement with a neutral party of funds or documents for holding until terms and conditions of a contract or agreement are fulfilled. |