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Q.1:
What is a buyer's approximate closing cost ? |
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A.1: You can see the
approximate buyer's closing cost
schedule
for detail information. |
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.Q.2:
What is a seller's approximate closing cost? |
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A.2: You can see the
seller's approximate
closing cost
schedule
for detail information. |
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.Q.3:
What is New Jersey realty transfer fee? |
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A.3: You can see the
NJ realty
transfer fee
schedule for detail information. |
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Q.4:
What is a GRI? |
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A.4: GRI, which stands for
Graduate REALTOR® Institute, is a nationally recognized professional real
estate designation.[Find
out More] |
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Q.5:
Why use a GRI? |
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A.5: A GRI has received one of the most
comprehensive training programs available today to REALTORS® in the
nation.
[Find out More] |
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Q.6:
What is a
good faith estimate (GFE) |
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A.6:
A written estimate provided by a mortgage lender of
the closing costs
a borrower can expect to pay at or before
settlement. This
estimate must be mailed or delivered to all loan applicants within three
business days after a loan application is received. |
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Q.7: What is HUD-1 statement |
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A.7: A document that
provides an itemized listing of the funds that are payable at closing.
Items that appear on the statement include real estate commissions, loan
fees, points, and initial escrow amounts. Each item on the statement is
represented by a separate number within a standardized numbering system.
The totals at the bottom of the HUD-1 statement define the seller's net
proceeds and the buyer's net payment at closing. The blank form for the
statement is published by the Department of Housing and Urban Development
(HUD). The HUD-1 statement is also known as the "closing statement" or
"settlement sheet." |
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