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Purchasing a home here in Salem Oregon is a huge investment and many people save for a down payment, but forget about closing costs. All states handle real estate transactions and negotiations differently.
Buyers of a home in the Salem Oregon area typically pay for the following lender closing costs at close of escrow:
- Appraisal
- Loan origination fees (1-1.5% of the purchase price is common)
- Credit report fees
- Flood Determination Fees
- Tax Service Fees
- Administration Fees
And prepaids such as
- Prepaid insurance and prepaid taxes for your escrow account with your lender.
- Prepaid interest on the home loan
In Oregon our contracts call for a 50/50 split between buyers and sellers for escrow fees. The escrow fees a buyer typically pays here in Salem Oregon are:
- Lender’s Title Insurance
- Mailing Services
- Closing fees
- Document Service Fees
- Wire Transfer Fees (if used)
- Recording Services
Oregon does not have real estate transfer taxes like many other states have so buyers and sellers don’t have to add that aspect into the negotiation of a home sale.
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