Buyer Closing Costs in NC
Closing costs in a real estate transaction are prepared on a settlement statement, called a HUD-1. See what are considered common buyer closing costs in NC.
Buyer closing costs a prepared on the settlement statement, called a HUD-1. It is this statement that gets the most attention. The HUD-1 outlines all of the charges to each party (buyer and seller), including lender’s fees, escrow, insurance premiums, deed recording charges, the land survey, a termite inspection, title insurance, HOA/condo dues and the Title insurance policy premiums.
Home buyer closing costs in NC include a variety of fees and expenses that you and the seller will have to pay at the time of your real estate closing. Your lender must provide a good-faith estimate of all buyer closing costs. In NC a real estate attorney, selected by the buyer, conducts the closing and will tell you the required amount for:
- Down payment
- Loan origination / Lender fees
- Points, or loan discount fees, which you pay to receive a lower interest rate
- Home Inspection & Termite Inspection
- Appraisal
- Credit report
- Private mortgage insurance premium (unless you will put 20%+ down payment)
- Insurance escrow for homeowner’s insurance, if being paid as part of the mortgage
- Property tax escrow, if being paid as part of the mortgage. Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
- Deed recording
- Title insurance policy premiums
- Land survey
- Notary fees
- Pro-rations for your share of costs, such as utility bills and property taxes
A Note About Pro-rations
Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Pro-ration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be pro-rated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.
For more information, view the Questions & Answers on Real Estate Closings, published by the NC Real Estate Commission.
More Home Buying Tips
If you planning to buy real estate in the Lake Norman area, make sure you understand what steps are involved in real estate contract negotiation. Learn what a Home Inspection should cover and what a Home Warranty covers. Find out what the goal of a final walk-through should be and what Buyer closing costs are and about the HUD-1.
Find more information about the home buying process, how to find a Realtor, some property search tips, what happens from contract to closing.
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Visit my YouTube Channel’s “Home Buying Tips” playlists. There are many helpful home buying videos to watch.
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About Robin
Robin is a licensed as NC real estate agent. Robin works in the Lake Norman real estate market towns of Cornelius, Huntersville, Mooresville, Denver NC, Davidson and Charlotte NC. She will educate you and ensure you are taking advantage of the best market opportunities. Robin will also help you set realistic expectations. Furthermore, she will walk with you through the entire process. Home buyers can trust Robin to help them find a property of their dreams. Home sellers will receive unparalleled exposure to their listings. She will assist her clients in negotiating the best possible price. She will also do her part in keeping your transaction running smoothly! Ask her any general question about real estate in NC and around Lake Norman.
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