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Closing Costs? The Bottom Line

Buying a house in Central Vermont isn't free. But there shouldn't be too many surprises either.  One question that people often have is "What are the closing costs?"

Think of it in two parts:  Process costs and the closing costs.


Process costs include home inspections, water tests, loan application fees, and appraisals. $400-$1000 is a reasonable range depending on the complexity of the property.

Closing costs typically include the Vermont Transfer Tax, loan origination fees, attorney fees (title search and title insurance policy), tax and fuel perorations, and recording fees.  The transfer tax depends on the value of the property. Tax prorations depend on when in the town's tax year cycle the purchase takes place. Fuel perorations depend on how much oil or propane is left in the tank at the time of the purchase.

Very roughly, figuring 3%-5% of the purchase price for total closing and process costs is a good place to start.   Again, that's a ballpark number.

Give a call or an email for more detail.

By Ray Mikus

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