Down Payment  This amount depends on your lender’s requirements.  Due at closing

Closing Costs  Ask your lender for the most accurate estimate, your Realtor can help estimate this.  Due at closing

Option Deposit  This can range from $100 to $2,000 or more depending on how competitive the market.  This money gives you the right to terminate the contract for any reason during the stated days of the “option period.”  (Used for inspections, and to negotiate for any repairs, etc.) If you DO close on the home, this money goes toward your purchase.  If you terminate at any time, this will be retained by the seller.  (The earnest money may be retained too if you breach the contract.) Due at the time the seller accepts and signs the contract.

Earnest Money This is typically 1 percent of the purchase price.  Due at the time the seller accepts and signs the contract.

Inspection Fee For a normal residential home estimate 500 dollars.  Add 100 for pool.  Add 100 for septic.  Add 100 for Termite inspection.  If the home has multiple buildings, sheds, detached garages etc this will cost extra too.  Please budget accordingly.  This will need to be paid within 2 days of contract date.

Survey For a standard residential lot, this may cost in a 400-700 range.  More if the property has a pool, is larger, etc.  Sometimes this is paid for by the seller.  It’s negotiable who pays for it.  Paid for when ordered, usually, 15 days after the contract is signed.

Home Service Plan Sometimes called a “home warranty” this may cover you against unexpected breakdowns of home components.  Though it may be negotiated to be paid by the seller, the market we’ve been in means this happens less often.  They usually cost around 550 dollars for a typical home, and to add a pool, septic and other coverages may raise this price.  Please ask if you have questions about this. Paid at closing

If you have concerns or questions about any of these, or to inquire if you have enough money budgeted, please talk to your Realtor immediately to see if a plan can be put into place!  We’re here to help! Just call 210-478-8555