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What fees must I pay at closing?

Fees and charges are controlled by many factors and depend largely upon the type of transaction and the terms of your agreement. However, there are certain charges which are considered to be normal. These would include fees charged by a lender in connection with obtaining a new loan or in paying off the old one. They may also include recording fees, title insurance policy premium, documentary transfer taxes, prepaid taxes and insurance and escrow fees. Your Escrow Officer will provide you with an itemized statement. 

Buyer’s closing funds preferably should be in the form of a wire transfer to the Escrow Holder upon the request of the Escrow Holder. A Cashier’s check is also acceptable but may require a day or two to make sure it has cleared. DO NOT deposit a personal check into escrow for closing. This will delay the closing since these funds must be collected before the closing can take place. An out-of-town check can cause a week to ten days delay in closing. 

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