A final walk through is done by the buyer and his or her real estate agent the day before or very close to the closing day. It is the buyer’s opportunity to make sure that the seller has left the property in the same condition and with the items listed on the sales contract or offer. The buyer should take his or her sales contract with him or her and make sure that everything listed as remaining in the home continues to be there.
While not very common, sometimes a seller will take things from the house that were supposed to remain. There have been legal cases where the seller took all the light fixtures, sinks, and toilets. When the seller violates the sales contract the buyer can stop the closing until the missing items are returned, the damage to the home is repaired, or a financial settlement is agreed upon.
What makes up the closing costs can differ by the location of the home. Here are the most common elements that make up closing costs.
• Interest on the loan calculated from the date of closing to 30 days before the first monthly payment.
• Loan origination fee.
• Recording fee, to record the title/deed with the state.
• Survey fee.
• Attorney’s fee.
• Escrow fee (if any).
• First premium of the mortgage insurance (if any).
• Title insurance.
• Loan discount points.
• First payment into the lender’s escrow for future taxes and insurance.
• Documentation preparation fees.