When it comes to getting a good deal on Montgomery County homes, knowledge is power. I will give you the knowledge for free.

TRUST, but ALWAYS verify.

The period between signing a Montgomery county homes real estate contract and signing settlement papers at the closing table is sprinkled with decisions.

One wrong move  can really run up the bill for a Montgomery County homes purchase. Having the knowledge to navigate through this process will benefit you both financially and emotionally.

Here are 5 areas that YOU MUST BE KNOWLEDGEABLE in when it comes to understanding loan closing costs in Montgomery County homes purchasing.

1. Title Company- You have a choice, the difference can save you up to $200

The selling agent for a real estate transaction will indicate a title company for the transaction of your Montgomery County homes purchase. Does that mean you have to use that title company? Absolutely not! It is up to you which title company that YOU hire to help you in the buying side of the Montgomery county homes purchase transaction.

There are varying fees that a title company will charge for Settlement, Document Transfers, Title Examination and Deed Issuance. Make sure you know the right questions to ask to the right people in order to save hundreds when working with the title company during you Montgomery County homes purchase.

2. Title Insurance- If your know what to look for, you can save upwards of $1,000

Title Insurance is often the biggest ticket item at closing. What type of title policy are you being sold?

There are discounted rates available if you know what to ask for. A reissue policy could be an option too. Who is paying for it in your Montgomery County homes purchase?

Let me show you how to check for elements in a real estate contract that can help you push the cost to the seller and save $1,000 easily!

3. Conveyance Fees- Unscrupulous Real Estate brokers charge upwards of $1,800 in miscellaneous buyer fees at the settlement table which are given many names to disguise the facts.

What is a conveyance fee?

Who charges it?

Do I even need to pay it anyway?


MOST Montgomery county real estate agents and their real estate brokers will try to charge you these miscellaneous fees. It can end up costing you an arm an a leg when you add up all the fees most brokers and agents charge buyers for representation, and it may not even be necessary when purchasing Montgomery oounty homes.

Let me give you the two questions to ask  any montgomery county real estate agent that will help you determine the necessity of any conveyance fee you are being asked to pay.

4. Lenders- Verify what they are saying because the stakes are high

Lenders deserve to get paid too! I often hear buyers complain when they see fees that lenders are charging, but they have to make a living too, and there is the cost of OPM( Other Peoples Money).

There are a few different ways that lenders can get paid for selling you a loan. What is fair? What is a fair dollar amount of lender fees to be charged in Montgomery County homes transactions?

It’s not a problem for a lender to get paid, just make sure that they are not overpaid! Verify everything they are saying to you by cross-checking the facts with other lenders and real estate professionals.

5. Surveys- There are six levels of survey to choose from. Don’t pay $2,000 when you only need to pay $200!

What kind of survey should I get? This question I get every single time we hit item #14 in the Real Estate Contract to Buy Montgomery County homes. You could purchase anything from a Monument Investigation ( a simple “find the pins” survey) to a full blown ALTA (the king of all surveys).

Your lender or title company may require a certain level to be obtained, or they may not. This is crucial decision to ask, make sure you make it carefully armed with good information!

Would you like a complete explanation of the importance of these items, and what to look for to Save upwards of $4,563 at closing of your Montgomery county homes purchase?

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copyright 2010 James Harner Group |  Montgomery County Homes