Escrow & Title
Buyer's closing costs in Utah typically include all of the following EXCEPT:
ALoan origination fees
BProperty taxes for the seller's period of ownership✓ Correct
CTitle insurance premium for the lender's policy
DPrepaid homeowner's insurance
Explanation
Property taxes are prorated at closing, and the seller pays their share. The buyer's portion covers taxes from the closing date forward, not the seller's period of ownership.
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Key Terms to Know
Title Insurance
Insurance 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.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
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
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