CLEAR FORM
E S T I M AT E D C O S T S H E E T
TYPE OF SALE
SELLER ___________________________________________________________________ CASH
NEW LOAN
FHA
VA
CONV.
BUYER ___________________________________________________________________ Sales Price..............................
$ __________________________
Down Payment .......................
$ __________________________
PARCEL# __________________________________ TAXES $ ____________________
Loan Amount ..........................
$ __________________________
ESTIMATED COST SHEET PREPARED BY: ___________________________________
Points/Loan Serv. Fee Quote ______________________________
ADDRESS _________________________________________________________________
CASH SALE
- E S T I M AT E D C O S T S :
SELLER
BUYER
1.
Reconveyance/Satisfaction Fee .......................................................................................
$ ____________________________
$ __________________________
2.
Tax Proration See Note ....................................................................................................
$ ____________________________
$ __________________________
3.
Insurance: If new; 1st year. If assumed; proration .............................................................
$ ____________________________
$ __________________________
4.
Assessments payoff or proration (sewer, paving, etc.) .....................................................
$ ____________________________
$ __________________________
5.
Homeowners Association Transfer Fee ............................................................................
$ ____________________________
$ __________________________
6.
Current Homeowners Association Payment Proration ....................................................
$ ____________________________
$ __________________________
7.
Next Month’s Homeowners Association Payment ...........................................................
$ ____________________________
$ __________________________
8.
Termite Inspection ............................................................................................................
$ ____________________________
$ __________________________
9.
Property Inspection ..........................................................................................................
$ ____________________________
$ __________________________
10.
Home Warranty Premium .................................................................................................
$ ____________________________
$ __________________________
11.
Owners Title Policy Based on sales price ........................................................................
$ ____________________________
$ __________________________
12.
Recording Fees ................................................................................................................
$ ____________________________
$ __________________________
13.
Escrow Fee Based on sales price ....................................................................................
$ ____________________________
$ __________________________
14.
Real Estate Commission – Listing Agent..........................................................................
$ ____________________________
$ __________________________
15.
Real Estate Commission – Selling Agent .........................................................................
$ ____________________________
$ __________________________
TOTALS:
0.00 $ ____________________________
0.00 $ __________________________
Buyer’s Approximate Monthly Payment
Estimated Proceeds to Seller
Estimated Costs to Buyer
Principal and Interest............................... $ ___________
0.00 Total Sales Price .......................... $ __________
0.00 Down Payment .............................................. $ ___________
Tax Impounds .......................................... $ ___________
Less: Current Mortgage Owed .... $ __________
0.00 Plus: Estimated Costs Above ........................ $ ___________
Fire Insurance Impounds ......................... $ ___________
0.00 Subtotal: Estimated Equity .......... $ __________
Less: Financed FHA/MIPNA Funding Fee ..... $ ___________
Flood Insurance Impounds...................... $ ___________
0.00 Less: Estimated Costs Above ..... $ __________
0.00 EST. COSTS: $ _______________________________________
PMI Impounds If Conventional loan ....... $ ___________
0.00 EST. PROCEEDS: $ _______________________ Print Form
Homeowners Association Fee................. $ ___________
0.00 EST. PAYMENT: $ _________________________________
Seller Initials _________
Date ___ / ___ / ___
Buyer Initials _________
Date ___ / ___ /
CLEAR FORM
E S T I M AT E D C O S T S H E E T
TYPE OF SALE
SELLER ___________________________________________________________________ CASH
BUYER ___________________________________________________________________ ADDRESS _________________________________________________________________ PARCEL# __________________________________ TAXES $ ____________________ ESTIMATED COST SHEET PREPARED BY: ___________________________________
NEW LOAN
FHA
CONV.
Sales Price..............................
$ __________________________
Down Payment .......................
$ __________________________
Loan Amount ..........................
$ __________________________
Points/Loan Serv. Fee Quote ______________________________ SELLER
NEW LOAN - ESTIMATED COSTS:
VA
BUYER
1. Origination Fee 1% of base loan amount .......................................................................
$ ____________________________
$ __________________________
2.
Discount Points _____% ...................................................................................................
$ ____________________________
$ __________________________
3.
Credit Report ....................................................................................................................
$ ____________________________
$ __________________________
4.
Document Preparation Fee (Charge to Seller on FHA/VA) ...............................................
$ ____________________________
$ __________________________
5.
Appraisal or Extension Fee ...............................................................................................
$ ____________________________
$ __________________________
6.
Interest Proration on Seller’s Loan See Note...................................................................
$ ____________________________
$ __________________________
7.
Reconveyance/Satisfaction Fee .......................................................................................
$ ____________________________
$ __________________________
8.
Prepaid Interest Approx. 30 days ....................................................................................
$ ____________________________
$ __________________________
9.
FHA MIP, VA Funding Fee or PMI Premium, as applicable ..............................................
$ ____________________________
$ __________________________
10.
Tax Service Contract Never charge Buyer on VA ............................................................
$ ____________________________
$ __________________________
11.
Tax Proration See Note ....................................................................................................
$ ____________________________
$ __________________________
12.
Tax Impounds See reverse side for guideline ..................................................................
$ ____________________________
$ __________________________
13.
Fire Insurance 1st year + 2 months impounds = 14 months ...........................................
$ ____________________________
$ __________________________
14.
Flood Insurance 1st year + 2 months impounds = 14 months ........................................
$ ____________________________
$ __________________________
15.
Assessments payoff or proration (sewer, paving, etc.) .....................................................
$ ____________________________
$ __________________________
16.
Homeowners Association Transfer Fee ............................................................................
$ ____________________________
$ __________________________
17.
Current Homeowners Association Payment Proration ....................................................
$ ____________________________
$ __________________________
18.
Next Month’s Homeowners Association Payment ...........................................................
$ ____________________________
$ __________________________
19.
Termite Inspection ............................................................................................................
$ ____________________________
$ __________________________
20.
Property Inspection ..........................................................................................................
$ ____________________________
$ __________________________
21.
Home Warranty Premium .................................................................................................
$ ____________________________
$ __________________________
22.
Lenders Title Policy & Endorsements Based on loan amount .........................................
$ ____________________________
$ __________________________
23.
Owners Title Policy Based on sales price ........................................................................
$ ____________________________
$ __________________________
24.
Recording Fees ................................................................................................................
$ ____________________________
$ __________________________
25.
Escrow Fee Never charge Buyer on VA ...........................................................................
$ ____________________________
$ __________________________
26.
Real Estate Commission – Listing Agent..........................................................................
$ ____________________________
$ __________________________
27.
Real Estate Commission – Selling Agent .........................................................................
$ ____________________________
$ __________________________
28.
Endorsement ....................................................................................................................
$ ____________________________
$ __________________________
29.
Other (_____________________) ........................................................................................
$ ____________________________
$ __________________________
TOTALS:
0.00 $ ____________________________
0.00 $ __________________________
Buyer’s Approximate Monthly Payment
Estimated Proceeds to Seller
Estimated Costs to Buyer
Principal and Interest............................... $ ___________
0.00 Total Sales Price .......................... $ __________
0.00 Down Payment .............................................. $ ___________
Tax Impounds .......................................... $ ___________
Less: Current Mortgage Owed .... $ __________
0.00 Plus: Estimated Costs Above ........................ $ ___________
Fire Insurance Impounds ......................... $ ___________
0.00 Subtotal: Estimated Equity .......... $ __________
Less: Financed FHA/MIPNA Funding Fee ..... $ ___________
Flood Insurance Impounds...................... $ ___________
0.00 Less: Estimated Costs Above ..... $ __________
0.00 EST. COSTS: $ _______________________________________
PMI Impounds If Conventional loan ....... $ ___________
0.00 _______________________
EST. PROCEEDS: $
Print Form
Homeowners Association Fee................. $ ___________
0.00 EST. PAYMENT: $ _________________________________
Seller Initials _________
Date ___ / ___ / ___
Buyer Initials _________
Date ___ / ___ /
E X P L A N AT I O N O F E S T I M AT E D C O S T S
APPRAISAL. A fee charged by an appraiser to render an opinion of market value as of a specific date. Required by most lenders to obtain a loan.
ASSESSMENT. A lien on a property securing payment, i.e., public improvements, delinquent homeowners association fees.
ASSIGNMENT FEE. A fee charged by the lender to cover the expense of the transfer of the loan.
ASSUMPTION PROCESSING FEES. All fees, including assumption, transfer and/or processing fees charged by the lender to process the records of the existing loan into the buyer’s name.
COLLECTION SET-UP FEE. A one-time fee
charged by a company acting on behalf of the lender and borrower to set up the servicing of the loan, according to the Note and mutual written instructions. May also be set up to impound for taxes/insurance. NOTE: Collection setup fees do not include annual or close-out costs.
CREDIT REPORT FEE. A fee charged by the lender to obtain the credit history of the buyer(s).
DOCUMENT PREPARATION FEE. A fee
charged by the lender for the preparation of documents necessary to fund the loan.
ESCROW FEE. A fee charged by the escrow
company as a neutral third party to carry out the procedures necessary to transfer ownership of property.
FIRE INSURANCE. The first annual premium, plus 2 months, for fire and extended coverage insurance to cover loss of the property. (Usually called Homeowners Insurance.) In the event of a condominium property, coverage for personal property (contents) may also be needed.
FLOOD INSURANCE. A form of hazard insurance
that may be required by the lender as a condition of making the loan. NOTE: Does not cover personal property.
HOME WARRANTY FEE. A fee charged by a
private company to cover specified defects. Coverage and deductibles vary with the provider and plan. Both new and resale homes may be warranted.
HOMEOWNERS ASSOCIATION TRANSFER FEE. The amount at close of escrow that is due in
payment of the Homeowners Association. The fee is charged by the Association to transfer ownership records.
INTEREST PRORATION. An estimated amount
of interest due at closing. Interest is collected in arrears and therefore must be collected from the last monthly loan payment to closing or payoff.
LENDER POLICY AND ENDORSEMENTS. An insurance premium charged by the title company to insure lender that encumbrance is a first lien on the property. Fee based on loan amount. Refer to rate chart “Simultaneous Extended Loan Policy” rates. Lender is beneficiary.
LOAN DISCOUNT POINTS. A fee charged by the
lender to make a loan at a given interest rate. One point equals one percent of the total loan amount and fluctuates depending on the interest rate and availability of money for loans.
LOAN PAYMENT DUE. The payment amount due from the seller at the close of escrow and/or, in the case of an assumption of the existing loan, the next payment due from the buyer. Jan. & Jul. – 5 Months
May & Nov. – 3 Months
Apr. & Oct. – 2 Months
Mar. & Sept. – 1 Month
Feb. & Aug. – 0 Months
Jun. & Dec. – 4 Months
MIP or PMI IMPOUND. An amount for MIP or PMI is required under certain circumstances and collected by the lender and held in the impound account to insure that adequate funds are available to pay the next year’s premium. Usually equivalent to 2 months of the annual premium.
MIP or PMI PREMIUM. An insurance premium to
protect the lender against loss incurred by loan default, thus enabling the lender to lend a higher percentage of the sales price. Mortgage Insurance Premium (MIP) is charged for FHA loan; Private Mortgage Insurance (PMI) is charged for Conventional loan. This is NOT credit life insurance that pays off the loan incase of death.
ORIGINATION FEE. A loan processing fee charged by the lender for originating a new loan.
E X P L A N AT I O N O F E s ti m ate d C o s t s
Owner’s Title Policy. An insurance premium charged by the title company to insure buyer that the title is free from defects up to the date the conveying instrument is recorded. Buyer is beneficiary.
Payoff Fee. A fee charged by the lender or collection company for payoff information.
Payoff Penalty. A prepayment penalty under a
Promissory Note that may be imposed by the lender when the loan is paid off before it is due.
Prepaid Interest. The amount of interest to
cover the period from close of escrow until the beginning of the first payment.
Property Inspection Fee. A fee charged
by a private company or individual(s) to examine and report on the condition of a property. Report may or may not warrant condition.
Real Estate Commission. A fee paid to a
real estate broker as compensation for services rendered.
Reconveyance/Satisfaction Fee.
A fee charged by the lender to execute the Deed of Reconveyance, or Satisfaction, when the existing note is paid off.
County Recorder’s Office for recordation of appropriate instrument(s).
Tax Impounds. An amount for taxes required and collected by the lender/collection agent and held in the impound account to insure adequate funds are available to pay the taxes. The amount varies according to the closing month. Following is a guideline only; check with your lender:
Tax Proration. An amount due for taxes accrued but not yet due and payable. Taxes are generally prorated to the day of closing. Verification for paid/unpaid taxes can be made through the County Assessor’s Office.
Tax Service Contract. A fee charged by
the lender to insure the tax bill is mailed to the lender for payment from the appropriate impound account.
Termite Infestation Report Fee. A
fee for an inspection to verify there is no current wood infestation and/or current or past damage done by wood infestation.
VA Funding Fee. A fee charged by the Veteran’s
Administration to guarantee the loan to a qualified veteran.
ENDORSEMENT CHECKLIST
PROPERTY TAXES
This checklist comprises the endorsements most frequently requested by lenders. Should you encounter requests for other endorsements, consult your Rate Manual, your Branch Manager, or your Title Officer for assistance.
Assessed on a calendar year (Jan.-Dec.). Payment dates are as follows:
ENDORSEMENT
DESCRIPTION
8.1 Environmental Protection
Recording Fees. Fees charged by the
FEE
$50 - Residential (Unless Builder Rate Applies) $100 - Commercial
100.12
Violation CC&R’s
$75
100.13
Insures Lien Superior to CC&R’s
$75
103.1
Insures Against Damage by Reason of Easement Use
$75
103.5
Insures Against Damage by Attempted Removal of Water
$75
Amends Arbitration Clause Contained in Policy
$75
Waiver of Arbitration
115.2
PUD Endorsement
$50
111.5
Variable Rate
$50
First half taxes (Jan. 1 - Jun. 30) for current year: Due on: October 1st of the current year Delinquent on: November. 1st of the current year Second half taxes (Jul. 1 – Dec. 31) for current year: Due on: Mar. 1st of the following year Delinquent on: May 1st of the following year Example – Taxes for the year 2005: First half taxes due Oct. 1, 2005; delinquent Nov. 1, 2005 Second half taxes due Mar. 1, 2006; delinquent May 1, 2006 Examples of Prorated Annual Property Taxes of $1,200: Closing date Dec. 1: Seller should have paid first half (Jan. 1 – Jun. 30) on Oct. 1st. Seller pays 5 months (Jul. 1 – Nov. 30) of second half or $500 at closing and any delinquent taxes. Note: Taxes for the day of the closing are traditionally the responsibility of the Buyer.