Closing Costs Checklist

Every mortgage lender structures charges to the borrower differently, and the allocation of specific charges between buyer and seller varies widely from locality to locality depending on prevailing customs and practices. No buyer will have to pay all the charges listed, and every buyer will probably have to pay something that's not listed. Most purchasers have been presented with a good faith estimate of closing cost called a RESPA statement-and a document from their attorney or the closing firm Itemizing closing charges.

Common Charges

ITEM	DATE	ESTIMATE	COST	COMMENTS
Earnest money or deposit	.	.	.	.
Interest points charged by the lender	.	.	.	.
Loan assumption fee	.	.	.	.
Loan origination or discount fees	.	.	.	.
Prepaid mortgage insurance	.	.	.	.
Credit report	.	.	.	.
Appraisal	.	.	.	.
Property survey	.	.	.	.
Initial mortgage payment	.	.	.	.
Inspections of property	.	.	.	.
Recording fees	.	.	.	.
Prepaid homeowner's insurance for first year	.	.	.	.
Prorated property taxes	.	.	.	.
Attorney's fees	.	.	.	.
Title search and insurance	.	.	.	.
State and local closing taxes and fees	.	.	.	.
Down payment (down payment less earnest money paid)	.	.	.	.
Prorated maintenance for remainder of month (condos, co-ops)	.	.	.	.
Other closing costs	.	.	.	.
Amount needed at closing	.	.	.	.

Preparing for closing:

• Hire an attorney (if required in your state).
• Have home inspected, as appropriate.
• Make financial arrangements (mortgage, transfer of funds ect.)
• Arrange for termite or other inspection.
• Make a final walk-through.
• Purchase homeowner's insurance.
• Know your closing costs (see RESPA statement).
• Have property surveyed unless mortgage lender has previously arranged.
• Have bank check prepared for closing, as required.
• Make sure deed is recorded after closing.