Real Estate Math
A Connecticut buyer's closing costs include: origination fee $2,800, appraisal $600, title search $800, title insurance $1,400, prepaid interest $1,200, and recording fees $150. Total closing costs are:
A$6,950✓ Correct
B$6,500
C$7,150
D$5,800
Explanation
Total closing costs = $2,800 + $600 + $800 + $1,400 + $1,200 + $150 = $6,950. Using the values given ($2,800,, $600,), apply the appropriate formula..
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Title InsuranceInsurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Closing CostsFees and expenses paid by the buyer and/or seller at the closing of a real estate transaction, in addition to the property's purchase price.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Math Concepts
State-Specific Concepts
Recording Requirements
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