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Closing Costs AZ Guide


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Title Insurance Costs
A big part of doing your due diligence will be making certain that all government records have been searched and found relative to no one else having, or making a legal claim, or placing a lien on, the property in question. Once this task has been done title insurance may be issued. Title insurance binders and insurance policies are also required before the deal is consummated. These can carry separate and independent fees or they can be lumped together. The lender will wish to protect himself and so he requires the insurance policy to be issued and you should also consider doing the same on your own behalf.

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Attorney's Fees Are Unavoidable Most of the Time
Some locals will require for an attorney to become involved by contributing to the title process and a few other aspects of your new home's acquisition.

Property Taxes
Unless you are tax exempt, for some reason or another, all locals require the annual payment of property taxes. You may be asked to pay a prorated share of the year's taxes with the home seller if you have purchased a home in the middle of the year.

City, County and State Charges Are Also Unavoidable
There will most certainly be local taxes and fees for the processing and notarization of documents assessed by the local municipality, county or state where this is all taking place. The local governments where you live may charge taxes and fees to record and stamp documents such as deeds and loan paperwork.

Let's Not Forget the Surveyor
Back to due diligence; you must be certain, as with an appraisal for the value of the home, exactly how large your property is, exactly where it is located, whether or not there are accesses granted to public utility companies and finally, if your neighbors hold the boundaries in dispute.

Environmental and Pest Inspection Considerations
Some municipalities require that an environmental inspection of the property and premises be conducted. This is in your favor and if not required you should seriously consider having them done anyway. You will need to determine if the property is safe to inhabit. Are their gas or chemical emissions coming from the ground? Is the water, if there is a well, pond or lake, or stream or river running through it, contaminated. You may also wish to check the local water supply, where it enters your premises, if you are on a municipal system. Is the structure free of pests, termites and rodents? So, now you should understand the importance of having environmental testing conducted as well.

If an appraiser notices signs your home may have termites or other pests, or if the laws in your area require it, a pest inspection and report must be done. Fees for these services are included in closing costs.

Last, But Not Least, the Flood Check Fee
The lender, to determine if you will require insurance for a possible flood, must scrutinize Federal Flood Maps. The map search and issuing a certificate should be included in the process and resulting charges.

Lenders Will Require Certain Prepaid Amounts

Prior to your first payments being due after you have secured your loan their are costs that will need to be paid up front. These "prepaid" costs will be accessed and due on the day you refinance or purchase that new home.

Here is the list of the prepaids that you will need to include:

Interest
When the loan is finalized before the last day of the month, at closing you must prepay interest on the loan for that interim time between the day the loan was funded and the first day of the upcoming month.

Homeowners' Insurance Premium
You must also pay, at closing, one years insurance to cover any possible damages. This protects both you and the lender.

Private Mortgage Insurance
To further protect them, in the unfortunate event that a borrower does not repay his loan, some lenders require Private Mortgage Insurance (PMI), if the down payment was less than 20%.

Reserve or Escrow or Impound Account
Not always required, but they can be a consideration, are escrow, reserve, or impound accounts. These types of accounts are opened on your behalf to facilitate the payment of the first two months taxes and insurance premiums. You will most probably be expected to fund this account at the time of the closing. Then the lender will be able to pay these costs for you when they come due. Money for this account is included in your monthly mortgage payment. Again, this is not necessarily a requirement that you will have to consider, so ask.

 
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