Cindy Burress, REALTOR
Briarclif Realty Services
Phone:  865-483-7253
Cell:  865-850-4599
Fax:  865-483-7288
EMAIL: realestate.pros@comcast.net
695 Emory Valley Road
Oak Ridge, Tennessee  37830
The Burress Team:
A Foundation
Built Upon
Trust
Closing Costs:

The intent of this list is for informational purposes only.  This  is not meant
to be all inclusive and may not apply to real estate transactions you are
considering.  Please do not relay solely on this information to make any
decision about real estate transactions.  


Lets assume that the property buyer and property seller come
into agreement on the terms for transfer of ownership of
property from the seller to the buyer for a purchase price.  The
other costs that will be incurred by either the buyer or the seller
are referred to as the closing costs.  It is important that both
parties to the property transaction understand these costs and
why they are being charged at the time of closing.  Closing Costs
can be estimated to run from 2% to 6%.  Buyers and sellers can
negotiate the amounts of closing costs.  However, typically the
buyer pays the largest amount of closing costs.

Loan Application Fee:  Lenders may charge you to process
the information you have given them to process the loan.  
Generally, this is a non-refundable charge that is assessed to
the borrower at the time of originating the loan.
 Credit Report:  Credit reporting agencies like Experian,
Equifax and TransUnion have information about you that will help
your lender evaluate your ability to pay back the money they are
lending you to purchase property.  Lenders will, with your
permission, request this information and you will be charged for
it to be released to your lender.
Discount Points:  Discount points are equal to a percent of the
loan amount.  By paying 1.25 points you are paying 1 and ¼
percent of the loan amount.  Usually for every point you pay your
interest rate on a 30 year loan will be reduced by about 1/8th of
a percentage point.
Survey:  This is an examination of the property you are to
purchase to determine where the boundary lines are and to find
if there are others who may claim rights to your property or the
use of your property.
 Special insurance policies:  Check with your lender.  For
example you may be required to have a special insurance
because you are in a flood zone.
Appraisal:  This is a determination of the current value of the
property.
Title Search:  This is a search of information that has been
recorded about the ownership of your property over time and
others who have recorded an interest in the property.  It tells, for
example, if anybody has filed a lien on the property in the past.
 Transfer Taxes:  Taxes collected on behalf of the government
at the time of transfer of property
Recording Fees:  Charges to record papers at the courthouse
showing that property has transfer
Origination Points.  This is sometimes called a loan origination
fee.  It is a fee charged by the lender for evaluating, preparing,
and submitting the mortgage loan.  Expect to see these
expressed as a percentage of the loan amount.  
 Title Insurance Policies:  Policies issued to cover against
later claims against the title
 Inspectors:  Various inspectors may be called upon to render
an opinion about the property.  For example, a licensed
exterminator inspects the property for the presence of termites
or termite damage. Another example would be a licensed home
inspector who examines the home for defects and submits a
report disclosing the defects in the property.  
 Real Estate Broker’s commission:  This is a negotiated fee
by a licensed real estate professional to act as agent for parties
to a real estate transaction.  
 Property Taxes:  Generally, this is a prorated amount.  This
means that the seller pays the amount of taxes for the days
owned and the buyer pays the remainder of the years worth of
taxes.
Mortgage Insurance:  This is to cover the lender in the event
of loss relative to the loan

I hope that this information helps you.  My goal is to help inform
and represent the buyers and sellers I am working with to the
best of my ability.  Please call me if you are interested in buying
or selling property.  I will work hard to earn your business.
Thanks,
Cindy