Closing costs or settlement costs are an accumulation of separate charges paid to different entities for the professional services associated with the buying and selling of real estate.
Some of the items associated with closing costs are:
1. Title Insurance Premium - a fee paid by an individual to insure a marketable title or–in the case of a lender–to insure their lien position. Texas Title Insurance Premium Rates can be found at Texas Title Insurance Basic Premium Rates
2. Real Estate Commission - a fee paid to a real estate company for services rendered in listing, showing, selling and consummating the transfer of property.
3. Transfer and Assumption Charges - fees charged by a lender to allow a new purchaser to assume an existing loan.
4. Recording Fees - fees assessed by a county recorder's office for recording the documents of a real estate transaction.
5. Loan Fees - fees charged by a lender in connection with the processing of a new loan. These may include points, origination fee and credit report.
6. Escrow Fees - fees charged by a title and/or escrow company for services rendered in holding earnest money and disbursing funds in the consummation of a real estate transaction.
7. Additional Settlement - Taxes, insurance, impounds, and interest prorations; termite inspection fees.
Atascosa Guaranty Titles, Inc. will be happy to review the above and other closing costs with you and explain them before you finalize your transaction and take ownership of your property.