| As a home buyer, you will be signing many | | | | upon what you agreed to in your purchase |
| documents. The purchase contract outlines | | | | contract). |
| the basic terms and conditions of your | | | | |
| agreement to buy the property. It includes | | | | You can expect to spend about 3-6% of the |
| the sale price, property description, deposit | | | | purchase price on closing costs. Below are |
| amount, mortgage financing, and any | | | | the major items you pay pay at the close of |
| contingencies. Your Realtor will help walk | | | | escrow: |
| you through the negotiation process. | | | | |
| | | | Major closing costs |
| After the initial offer, you may receive a | | | | |
| counter offer. It will change some of the | | | | - Loan underwriting fees |
| price and/or terms of your original offer. | | | | |
| Below are checklists of the major items | | | | - Credit report fees |
| included in the contract. | | | | |
| | | | - Appraisal fee |
| Major items in sales contract | | | | |
| | | | - Inspection fees (building inspection, other |
| - Sale price | | | | inspections) |
| | | | |
| - Property address and APN (tax #) | | | | - Insurance premiums |
| | | | |
| - Amount of initial deposit | | | | - Pro-rated interest on loan |
| | | | |
| - Terms of mortgage financing | | | | - Pro-rated county property taxes |
| | | | |
| - Closing date | | | | - Escrow reserves (refundable pad) |
| | | | |
| - Contigencies and conditions | | | | - Notary & Legal services |
| | | | |
| - Transfer and recording of deed | | | | - Escrow services |
| | | | |
| - List of fixtures remaining in home | | | | - Recording services and Title-related |
| | | | services |
| - Repairs required of the seller, if any | | | | |
| | | | - Real estate agent commissions (usually paid |
| - Real estate agent representation | | | | by the seller) |
| | | | |
| - Details of escrow transaction | | | | Remember to have a great attorney to help you |
| | | | review your contract before signing. And |
| Included in your contract are items you will | | | | have your attorney review your loan documents |
| have to pay for. Some items you will pay in | | | | and help explain them to you before signing. |
| cash (as a money order or cashier's check | | | | If you can't afford attorney fees, consider |
| from your bank), some items may be paid | | | | enrolling in a pre-paid legal plan membership |
| through your mortgage loan, and some items | | | | for a low cost lawyer service. |
| the seller may pay on your behalf (depending | | | | |