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.
- 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.
There are many steps to take throughout the buying process. Review some tips and contact Maple Sweet Real Estate to find your Vermont home!
- Consider obtaining buyer representation
- Review Seller's Disclosures
- Choose a lender, obtain pre-approval
- Plan time frame, price parameters, property wish list
- Schedule showings
- Make an offer
- Negotiate offer, terms
- Retain a land use attorney
- Contract acceptance
- Tender initial contract earnest money deposit
- Set up a home inspection, if a contingency.
- Tender additional deposit
- Financing commitment.
- Title search & review
- Satisfaction of any other applicable contingencies.
- Arrange for homeowner’s insurance, utilities & other property services
- Set up a final walk through with your Agent, usually on closing day.
- Closing, confirmation of funds transfer, mortgage documents review and signing, receipt of title & keys.
- Deed/documents town office recording.
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- As outlined in the Vermont Consumer Information Disclosure the only way to obtain representation as a buyer in Vermont is to contractually hire a realtor to represent you on the buyer side. Gaining buyer representation can translate into more favorable contract terms and better service from your agent. While most buyers in Vermont purchase property without buyer representation, it can be very helpful.
- Exclusive Right to Represent Buyer Contract
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Resources for your personal financing; if you have any questions, feel free to contact us.
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Other Useful Resources
For all of your buying needs, check out our resources below. If you have questions, feel free to contact us today!
- Mortgage calculator
- Credit score estimator
- Your credit score
- Mortgage 101
- Mortgage Providers
- Buyer closing costs
- Attorneys, inspectors, lenders, utility & property service providers
- 1031 Exchanges
- Current Use
- Current Use Application
- Receive Light Amber, the Maple Sweet blog.
- Vermont Required Consumer Information Disclosure
- Vermont Purchase & Sale Offer template
- Real Estate Dictionary
- Mapquest for directions
- Area Info