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Vermont Closing Costs Demystified

Closing costs are the expenses you and the seller pay to complete the transfer of ownership, and in Vermont

  • Origination fee
    Fee charged by a lender to cover the costs of evaluating and processing your loan, usually a percentage of the loan amount.
  • Attorney’s fee covers these services:
    • Review of the purchase and sale agreement
    • Review of the commitment letter from the lender
    • Review of the Warranty Deed from the seller's Attorney
    • Review of the property transfer tax return
    • Title search
    • Assessment of State and Local Permits on the property
    • Preparation of the title insurance commitment
    • Working to resolve any title problems
    • Attending the closing to explain closing documents to you
    • Recording your deed and other documents
    • Issuing the title insurance policies
  • Initial escrow payments
    • some portion of property taxes
    • some lenders require a full year, in advance, of homeowner’s insurance to be placed into escrow before closing
  • Title insurance
    Protects you and the lender from losses that may result from a dispute over the property's title.
  • Vermont Property transfer tax
    The State of Vermont requires the buyer to pay a transfer tax whenever there is a purchase of real estate. The amount of the transfer tax is generally one and a quarter percent of the purchase price. The tax is discounted to one half of one percent for the first $100,000.00 of the purchase price if you use the property as your primary residence.

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