Closing costs

On closing day you pay the balance of the price, and you pay the closing costs that are yours. If you are using a loan, the down payment is the cash you bring toward the price. Closing costs sit on top of that. The payment estimate on the pre-approval page does not include them.

The exact list comes from two places. The lender’s Loan Estimate and Closing Disclosure list the loan charges. The title company’s settlement statement lists the title, recording, and escrow charges. Read both. Ask when a number is an estimate and when it is final.

A lender may charge for originating the loan, for underwriting, and for a credit report. The appraisal is often paid before closing, and it can also appear in the lender’s figures. If the loan program requires mortgage insurance, that charge is on the lender’s paperwork too.

The lender may collect money at closing for bills the loan requires, including insurance and property taxes. Those figures come from the lender. This page does not give tax advice and does not list tax amounts.

Compare the Closing Disclosure with the earlier Loan Estimate. Ask the lender to explain any line that grew. You should receive the disclosure in time to read it before you sign. If a number is unclear, ask before closing day.

A title company handles the neutral part of closing. It checks the title, holds money, and records the deed. You do not have to use a company someone else prefers. Ask your advisor who they have used on houses like this one, then choose.

There are two common title policies. The owner’s policy protects you against certain title problems. The lender’s policy protects the lender, and the lender usually requires it if you have a loan.

In many Utah purchases, the seller pays for the owner’s policy and the buyer pays for the lender’s policy. That is a custom, not a rule you can skip reading. The contract can say something else. Look at the title lines before you sign.

The settlement fee, sometimes called an escrow fee, is sometimes split between buyer and seller. Recording the deed and the loan is a separate line. The title company’s quote shows your share. Wire fees can appear too.

An association may charge for a resale certificate, a status letter, or a transfer. Who pays is in the contract and in the association’s own rules. Two buildings can differ. The ski-home page explains what those documents contain.

Home inspections are usually paid during due diligence, not on the closing statement. They are still a cost of buying. You choose the inspectors and you pay them.

Wiring instructions belong to the title company. Before you wire, call the title company at a phone number you looked up yourself. Do not rely on wiring instructions that arrive only by email. Confirm the amount and the account with that call.

Bring a government ID to signing. If you cannot attend in person, ask the title company early what Utah allows for a remote signing. Do not leave that question for the morning of closing.