6/13/11

My broker had a house listed for $ 119,500, which today he received an offer for $120,000. As he and I reviewed the contract it stated that $2,500 would go back to the buyer for closing costs. My broker explained to me on every transaction there is a closing cost. He explained to me that closing costs consist of escrow fees, preliminary title report, drawing documents, and recording fees. We went through the contract together and also explained a few other items. The escrow was subject to the buyer qualifying for financing. Also the seller was asked to a pest control report, 2 year roof certificate, and a city inspection. The escrow is for 45 days. He had me deliver the contract to the title company and go over the contract with the escrow officer.