BUYER’S AGENT

A buyer's agent WORKS ONLY FOR THE BUYER. A buyer's agent has fiduciary duties to the buyer which include reasonable care, undivided loyalty, confidentiality and full disclosure. However, in dealing with sellers, a buyer's agent must act honestly. In dealing with both parties, a buyer's agent may not make any misrepresentations on matters material to the transaction, such as the buyer's financial ability to pay, and must disclose defects of a material nature affecting the physical condition of the property which a reasonable inspection by the licensee would disclose. A buyer wishing to be represented by a buyer's agent is advised to enter into a separate written buyer agency contract with the brokerage firm which is to work as their agent.

ESTIMATED CLOSING COSTS FOR PURCHASERS:

     ITEM                                  PRICE RANGE ITEM

1. Attorney fee ....................................................$1,000- $1,200
2. Mort. application, appraisal fee .......................$150 - $500
3. Termite Inspection ...........................................$45 - $75+
4. Physical inspection ..........................................$275 - $400
5. Survey ...........................................................$150 - $200 (average Property without stakes)
6. Title, municipal, judgement searches ...............$135 - $175
7. Title Insurance Premium .................................$4.00 per thousand dollars of purchase price
8. Recording deed ..............................................$25 - $35
9. Prepaid tax escrows .......................................2 - 4 months in advance
10. prepaid mortgage interest ...............................usually per diem from closing date until first of next month
11. prepaid homeowner insurance one year ........$300 - $600+
12. Discount points on mortgage .........................1 - 3% (one point=1% of mortgage amount)
13. Adjustments (fuel, water, taxes) ....................$100 - $1,000
14. Miscellaneous (mortgage cancellation fee ......0 - $125 if financing cost of mortgage preparation, etc.)
15. Mansion Tax - 1% of the selling price $1,000,000 & above

Top of Page