Maple Sweet Real Estate

• Buying
• Consider Buyer Representation
• Buying Process
• Buyer Resources

Buyer Closing Expenses

Buyer closing expenses vary depending on property value and other factors. To get a clear handle on your closing costs, conferring with your land use attorney, realtor, lender, and your tax accountant are advisable, especially if planning a 1031 exchange.

Here's a thumbnail sketch of common buyer closing costs:

• Deposit Monies.
• Down payment.
• Private Mortgage Insurance (PMI) if putting less than 20% down.
• Loan discount points & origination fees.
• Loan underwriting & processing fees.
• Prepaid interest.
• Credit report & tax service fees.
• Flood certification fee.
• Document preparation.
• Property inspection.
• Appraisal.
• Property Transfer Tax, Vermont's property sales tax. The tax for Purchasers to use the property as their primary residence are taxed at one half per cent on the first $100,000 of property value, and 1.25 per cent on the rest of the purchase price. Purchasers intending to use the property as a second home or investment property are taxed at 1.25 per cent on the entire purchase price. Certain exemptions exist. View the Vermont Property Transfer Tax Return.
• Land Use Attorney fees.
• Local tax, utility & other prorations.
• Title & Homeowners Insurance.
• Recording fees for documents filed at the town office.