Buyers Expenses and Responsibilities

1. Bank costs, including application fee, credit report, appraisal or inspection fee, processing, bank attorney fee.
2. Attorney fee for representation of Buyer interest at passing of papers.
3. Tax escrow to bank if paying taxes.
4. Adjustments payable to Seller for taxes, oil, water, sewer, rents (if items were paid in advance by seller).
5. Fee for recording deed, mortgage and CML Payable to the registry of deeds.
6. Fee for Certificate of Municipal Liens payable to Tax Collector.
7. Homeowners fire and liability insurance policy (sometimes must be prepaid for one year) depending on lenders requirements.
8. Prepaid interest (based on the contract rate in interest and day of the month of closing).
9. Private Mortgage Insurance (PMI) premium (for buyers with minimum down payment, if less than 20%).
10. Mortgage Survey Plan (plot plan).
11. Home inspection.
12. Points (each point is 1% of the mortgage amount).
13. Title insurance.
14. Contact: electric, gas water, oil companies to continue their service.
15. Well tests are sometimes required by the bank.
1. Quality
2. Quantity (5 Gallon per minute for 4 hours)