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Buyers Estimated Netsheet
If you are a BUYER, have you ever wonder what your estimated buyers net sheet look like? You'd be surprise that many buyers still scratch their heads when they finally get down to the wire on closing their home and they see their closing statement. For the most part, the final fees and closing cost all show up on the estimated borrowers statement and can cause confusion if one's not prepared. Here's the breakdown:
Final Consideration - This is the agreement price of the purchase between both seller and buyer. Under this section, you'll see breakdown of credits and debits. If you the buyer put a deposit down, you'll find a credit here. The same applies to other credit or debits if there are any between seller and buyer.
Pro-rations/Adjustments: Prorations and adjustments typically are taxes, security deposits if this is a rental and you are taking over tenants, etc.
Loan Charges and Fees: Here you will find all of your loan fees such as: Points charged by your lender doing the loan, underwriting fees, appraisal fee (if you paid upfront, you'll normally see POC (paid outside of closing), any prepaid interests and so forth.
Title and Escrow Charges: Under this section - you will find escrow fees, title insurance fees, lenders title insurance fees, notary fees, owners title insurance fees and any other related fees to title and escrow.
Government Charges: This section normally outlines the recording fees, county and city transfer taxes
Miscellaneous Fees: Your hazards insurance fees would show up here. Its often also called homeowners insurance.
All of these make up the buyer's/borrower's estimated statement. Under a estimated statement, it is recommended that you review this with your realtor and loan officer to ensure any and all fees are accounted for. This is also a very good time to discuss any fees that you don't understand or have questions about therefore if any corrections needs to be made, you can do it before you go in to sign documents at the title company. So, as a buyer you'll want to make sure that you understand a buyers estimated net sheet. This would allow you to feel confident when you see this statement and when it comes down to signing your final paperwork!! Congrats to you if you got to this stage.
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