The buyer customarily pays the following estimated closing costs:

Appraisals: around $250.00. FHA appraisals are closer to $400.

Termite Inspection: Around $50 to $100.

Inspections: The inspections are paid for by the buyers in this Central Illinois area. Well and septic inspections are around $100 or less each. Whole house inspections are around $250 and more. Mold testing and radon testing varies but can be several hundred dollars each. One service I have used for mold inspections charges around $150 with recommended testing extra.

Lender charges: This varies greatly and includes credit report, underwriting, points and commitment fees. If you use a broker, the broker will have individual charges also.

Lenders title insurance: Around $218. While the buyer receives an owner's title policy from the seller, the buyer's lender requires a separate loan policy covering the new mortgage.

Closing charge: Around $175 to $225. Email receipt of closing documents from lender adds $40 and a power of attorney closing for buyer adds $50. If you are obtaining a 2nd mortgage such as an equity line at the same time there is an additional $125.00 charge for closing the 2nd mortgage.

Recording fee for the deed and mortgage: Around $100.

Courier and Wire charges: Express charges for return of documents to the lender are charged at up to $25 per express mailing. There is also a $20 charge for receipt of lender's funds by wire and a $40 charge for sending out funds by wire if needed.

Attorney fees: Attorney fees can be by the hour at generally no less than $150 per hour. I charge a flat rate to buyers of single family homes of $500 which includes all work necessary for a standard home purchase including attending closing. The charge to the buyer is less than the charge to the seller as the seller generally has the responsibility of preparing the contract and transfer documents such as the deed. The flat rate to the buyer increases to a $650 flat rate if I have to prepare the contract and/or transfer documents. The flat rate also does not include any pre-litigation or litigation work that arises out of the contract or purchase of the home and only applies to single family homes. It does not apply to repeated purchases of different homes if the initial purchase for which I am retained is cancelled.  If you decide not to proceed with the purchase or if the contract is cancelled you will be charged on a time basis not to exceed the flat rate.