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Common Closing Costs for Buyers
The lender must disclose a good faith estimate of all settlement costs. A check to cover your closing costs will probably have to be a cashier’s check. The title company or other entity conducting the closing will tell you the required amount (and to whom the check should be made out ) for:
§ Downpayment
§ Loan origination fees
§ Points, or loan discount fees, you pay to receive a lower interest rate 
§ Appraisal fee
§ Credit report
§ Private mortgage insurance premium
§ Insurance escrow for homeowners insurance, if being paid as part of the mortgage
§ Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
§ Deed recording fees
§ Title insurance policy premiums (lenders’ policy)
§ Mortgage Survey
§ Prorations for your share of costs, such as utility bills, propane gas reserves and homeowner association fees that seller may have prepaid prior to closing.
§ Property taxes are paid in arrears in the state of Ohio. As the buyer, you should receive a real estate tax credit from the seller at closing.
A Note About Prorations: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance.
Reprinted from REALTORÒ Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORSÒ. Copyright 2005. All rights reserved. Amendments and additional information provided by Liz Maule.
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