Costs to Close
The total closing costs are less than a new loan because there are:
- no lender junk fees,($250 or more)
- no appraisal fee ($350 or more)
- no points or origination fees, (1% or more)
- no underwriting fees, ($350 or more)
- no lender document review fees, ($350 or more)
- no duplicate recording fees for a Deed and Deed of Trust ($3.33 per thousand)
- no lender's title insurance ($150 or more)
- no survey required ($300 or more)
Other closing costs including title search, title insurance and, settlement fees remain the same as a regular closing. Call our office and we can provide an estimate of these costs for your transaction.
Not only does a Contract for Deed save money, you can settle quickly because there is no loan application or appraisal. Instead of a month to close, it usually takes only a week for the title search and to gather the loan and escrow balance information.