Tom Burke, Broker, GRI

Purchasing a home is a complex trnsaction that has many steps involved. If you are interested in buying a property you will need an agent to represent your best interests. The Agent that has listed the property has a contractual fudiciary relationship with the seller and is committed to represent the seller to the sellers best interest. With the home inspection, mortgage process, and enviromental inspections you need an experienced professional to represent your best interests in negotiating with the sellers agent. If you fill in the Contact form we will have an agent call you

Closing Costs

BURKE REALTY DOES NOT CHARGE ADMIN FEES

When buying or selling properties there are additional fees and taxes that must be paid in order to record the transaction in the county of record and legalize the sale. This guide is an estimate and fees may vary depending on which title company handles the transaction, your mortgage company, and other items that may be required for a particular property.

Lender Fees:

Loan Origination Fee Charged by lender to originate mortgage loan. Usually 1% of loan amount.  Buyer fee.

Discount Points      Optional fee paid to lender to lower interest rate. Some loan programs require discount points. Buyer fee

Funding Fee   1.5% of loan amount on FHA and 2.25% of loan amount on VA loans. Buyer fee. May be added to loan amount at

                            option of buyer

Appraisal Fee    $400.  Buyer fee

Credit Report      $75   Buyer fee

Lender Processing fee $650 Buyer fee, however paid by seller on FHA and VA transactions.

Flood Certificate    $25 Buyer fee

Title Company Fees:

Settlement Fee   $350 Buyer Fee

Title Search  $150 to $200 May be higher for larger and commercial properties  Buyer fee

Title Exam $100 Buyer fee

Courier payoff  $25 per loan  Seller fee

Release Service Fee $95 plus $30 per loan  Seller fee

Title Insurance:

Lenders Policy $2.50 per $1000. of loan amount plus $35   Buyer fee

Owners Policy  $1.85 per $1000 of sales price

Title Insurance Binder Fee $75.  Buyer fee

Property Tax:

All arrears and current year property tax Seller fee

Prorated Credit to seller for remainder of year  Buyer fee

Hazard Insurance:

Receipt for first year must be paid in advance of settlement. Varies with coverage and property. Buyer fee

Prepaids:

Interest  Monthly interest on mortgage divided by 30 times number of days remaining in month. Buyer fee

Hazard Insurance Annual policy amount divided by 12 times 3 months. Held in escrow by lender  Buyer fee

Property Tax  Annual tax amount divided by 12 times 3 months. Held in escrow by lender  Buyer fee

Recording Fee:

Deed $40  buyer fee

Mortgage $40 per mortgage  Buyer fee

Transfer Taxes: Transfer taxes can be paid by either the buyer or the seller depending what is agreed to in the contract

State of Maryland Transfer Tax .5% of sales price. If first time homebuyer tax is reduced to .25% and  seller pays.

Charles County   Recordation Tax  $10.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.

Charles County Transfer Tax none

St Marys County Recordation Tax $8.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.

St Marys County Transfer Tax 1% of the sales price. Reduced $300 if property is to be owner occupied

Calvert County   Recordation Tax  $10.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.

Calvert County Transfer Tax none

Anne Arundel County Recordation Tax $7.00 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.

Anne Arundel County Transfer Tax 1% of the sales price.

Prince George County Recordation Tax $4.40 per $1000 of sales price or loan whichever is higher rounded up to nearest $500.

Prince George County Transfer Tax 1.4% of the sales price.