Buyer’s Costs

Buyer has its own costs associated with purchasing real estate. Typical costs would include the following:

1. Lender fees for getting the loan (each lender charges different fees, you need to verify this directly with your loan officer). Typical lender fees are application, loan origination, processing, underwriting, appraisal, credit report, and flood certification

2. Title charges and escrow/settlement charges would typically include lender’s title insurance, closing fee, wire fee, some other minor charges

3. Recording and transfer charge/s

4. Local transfer tax:depending on the local ordinances, either seller or buyer or both are responsible for purchasing transfer stamps. In Chicago buyer pays $3.75 per $500 of the selling price

5. Buyer’s attorney $400 to $700 on an average