Business Responsibilities

Buyer Responsibilities and Expenses

Responsibilities:

We will review and revise the Purchase and Sale Agreement and be responsible to ensure that all necessary documentation and information are obtained prior to closing. We will keep in communication with all persons involved in your purchase so that your closing will proceed without difficulty and on schedule. You must provide us with your mortgage lender’s name, address, telephone number and other contact details.

Expenses:

1. Attorney fee for representation of your interests including attending your closing.
2. Bank costs, including application fee, credit report, appraisal or inspection fee, processing fee, bank attorney fee and similar fees.
3. Escrows may be required by the bank and may include Tax Escrow, Hazard Insurance Escrow, Mortgage Insurance Escrow.
4. Title Examination (except in Worcester and one town outside of Worcester, the fee is customarily paid by the Seller) approximately $300.00 to $500.00.
5. Lender’s Title Insurance Policy (approximately $3.00 per $1,000.00 of the mortgage amount). Owner’s Title Insurance Policy is optional at additional cost.
6. Recording Deed, Mortgage, Assignment and Certificate of Municipal Liens, approximately $500.00.
7. Fee payable to the city or town to obtain Certificate of Municipal Liens $50.00-$100.00.
8. Homeowner’s fire and liability insurance policy (usually required to be pre-paid for one year) depending on lender requirements.
9. Prepaid Interest (interest from the day you sign mortgage documents through the end of the month you close in).
10. Private mortgage insurance premium (for buyers with a down payment of less than 20%) or FHA mortgage insurance premium (for FHA loans) or VA funding fee (for VA loans).
11. Mortgage Survey (Plot Plan) approximately $150.00.
12. Points (each point is generally 1% of the mortgage amount).
13. Adjustments payable to Seller for taxes, oil, water, sewer, rental equipment and condominium fees, if these items were paid in advance by Seller.
14. Well tests for quality and quantity, (approximately $500.00).
15. Home and pest (termites, other) inspections may be required, approximately $500.00 and up.