What Closing Costs Do Seller Concessions Cover?
Property taxes: Pre-paid property taxes through the end of the year at closing. Title insurance: Title insurance protects you and your lender if someone comes forth with a claim for the home’s title. Loan origination fees: These origination fees cover your lender’s charges for processing your loan. Inspection fees: Inspection fees cover the cost of inspections required for the loan. For example, in some states and on some loans, a pest inspector must evaluate your property before a sale can go through. Appraisal fee: This covers the cost of getting a licensed third-party appraisal of the home to determine the market value. Attorney’s fees: In some states, you need an attorney to review closing documents. Attorney’s fees cover the cost of real estate attorney services. (Not the case here in Missouri)
Inform yourself and get the most out of your profit!
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