Expected Closing Costs

There are certain normal costs related to closing the sale of a house. These fees are often divided between the buyer and seller, as dictated in the sales contract. Many are customary, but there are nuances to each, so you'll want a real estate expert in Mississippi to help lead you through the deal. 

Loan-related closing costs

  • Points (optional) 

  • Appraisal Fee 

  • Credit Report 

  • Interest Payment

  • Escrow Account

At closing, the following taxes are usually paid

  • Property Taxes

    This is the one closing cost that is often prorated between the buyer and seller. If the seller has already paid the annual property taxes, the buyer typically reimburses the seller for the period in which the buyer will be occupying the property. Likewise, if the taxes have not yet been paid, the seller typically reimburses the buyer for the period in which the seller occupied the property.

  • Transfer Taxes and Recording Fees

    This is the cost for transferring ownership of the property and recording the purchase documents. The fee is often calculated as a percentage of the sales price.

Insurance fees due at closing

  • Homeowners Insurance

  • Flood or Quake Insurance (optional)

  • Private Mortgage Insurance (PMI) (optional)

  • Title Insurance

Sellers: 

As we negotiate your transaction, not only will I work to get the very best sales price, but I'll also push for lower closing costs. And once we've come to an agreement, I'll fully clarify the closing costs so you are informed of exactly where your money is going. 

Buyers: 

When purchasing a property in Bolivar County, you'll get a "Loan Estimate" (LE) of closing costs within three days of submitting your loan application. The estimate is based on the loan officer's past experiences and is required to be within a suitable range so you're not startled when you get to the closing table. I'll be glad to look through the LE with you, answering your questions and highlighting any estimates that are uncertain.