Closing costs

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  • #74121
    bigste
    Participant

    It is my understanding that the buyer pays no closing costs with NACA. When I received my closing disclosure, there are charges in the “Other” section for the Survey and Owner’s Title Insurance. My attorney said that these fees are not paid for by NACA or Bank of America. Could someone please confirm if this is correct? I’ve been unable to get through to my MC.

    #74122
    Nelsont
    Member

    The buyer pays no closing costs.

    The buyer prepays the escrow including home owner’s insurance and taxes.

    The buyer also pays for a home inspection, pest inspection and any other pre-settlement services hired by the buyer directly.

    As far as I understand the closing costs paid by the bank are “mandatory” fees while the survey is optional and therefore could incur a charge on the buyer. Especially if the house is pre-existing and no new development has occurred in the immediate vicinity of the property a survey is often not even asked for because the records are easily obtained at the county offices.

    I am not sure about title insurance.

    #74184
    Amazing32
    Participant

    I saw a cost on my disclosure for Appraisal for I believe $500 but I paid for the appraisal out of my pocket. I’m very much confused.

    #74189
    Nelsont
    Member

    Why would you pay for the appraisal? The bank orders the appraisal automatically and no other source is accepted.

    #74207
    TTrumble
    Member

    Hello Amazing32,

    Are you perhaps confusing the appraisal with the inspection? It is not possible for you to have paid for the appraisal since that is directly ordered by and paid for by the bank. You in fact do not have access to the appraiser to pay for it.

    Tim Trumble
    Online Operations, NACA

    #74208
    TTrumble
    Member

    Hello Amazing32,

    Are you perhaps confusing the appraisal with the inspection? It is not possible for you to have paid for the appraisal since that is directly ordered by and paid for by the bank. You in fact do not have access to the appraiser to pay for it.

    Tim Trumble
    Online Operations, NACA

    #74877
    mariaavacado
    Participant

    @bigste
    where are you from im in Chicago and got the same thing I had to pay for lawyer my MC referred me to him and charged 1200 send me an email id like to chat more maria22181@yahoo.com

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