Buying & Selling Real Estate in Washington
What expenses are involved?
In addition to the loan, there may be other costs involved in buying
property. These costs will usually be itemized at the time of closing. In general,
estimates can be provided at the outset of a transaction or before service is
rendered. Along with understanding what fees and expenses are owed to effect a
transaction, you should also be aware of when the amounts are payable and who
(buyer and seller) is responsible for specific charges. Typical items include:
- "points," or the fee a lender charges for arranging a loan;
- appraisal fee, sometimes charged if a property appraisal is required for
loan purposes;
- inspection fees, for pests, structural or other defects;
- title search and insurance, to certify that the property is free of any
liens, encumbrances or similar problems;
- prorated taxes, real estate, escrow and legal fees, for services performed.
