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SETTLEMENT COSTS (DC CLOSINGS ONLY)
Estimated Costs
Click here to view the New 2010 HUD Compliant Fee Schedule
You can read the article What Will Your House Really Cost?, from the Washington Post newspaper to learn more about the costs involved. Clients may be entitled to certain discounts on their next settlement. Items marked with a red $ may qualify for a discount. A Settlement Sheet is divided into several categories as follows:
- Lender Items to Borrower may include:
- "Points" 1 point =1% of loan amount
- Appraisal/Application Fees
- Credit Report Fees
- Document Preparation Fees
- Underwriting Fees
- Flood Certification Fees
- Tax Service Fees
- Processing Fees
- Interest Rate Lock-In Fee
- Lender Prepaids:
- Real Estate Tax Escrows
- Hazard Insurance Escrows
- Interim Interest
- Title Items:
| Buyer's Fees |
| Settlement Fee |
$300 |
| Title Search/Abstract |
$265 (at cost) |
| Title Insurance Binder |
$100 |
| Notary fee/Doc Prep |
$50 |
| Delivery/Fax/Copy/Admin Fee |
$65 |
| Courier Recording Service |
$25 |
Title Insurance
(Owner's and Lender's Policy) |
$6.84 per 1000 of sale price
+ $100 for lender's policy |
| Seller's Fees |
| Settlement Fee |
$300 |
| Doc Prep/Notary |
$50 |
| Prepare and Process Payoff |
$100 per loan |
| Deliver/Fax/Copy/Admin Fee |
$18.75 |
- Title Examination (Avenue does not charge extra)
- Payoffs Release Tracking $35 each
- Title Clearance (if necessary) $110-210/hour
- District of Columbia Fees
| |
Borrower |
Seller |
| DC Transfer Tax (based on purchase price < $400,000)* |
|
1.1 % |
| DC Transfer Tax (based on purchase price >= $400,000)* |
|
1.45 % |
| DC Recordation Tax (based on purchase price < $400,000)* |
1.1 % |
|
| DC Recordation Tax (based on purchase price >= $400,000)* |
1.45 % |
|
| DC Recording Fees
(1st 2 pages=$26.50, $7/page thereafter) |
Deed (approx. - calculated by number or pages) |
$33.50 |
|
Deed of Trust (approx. - calculated by number or pages) |
$208.50 |
|
Releases (approx. - calculated by number or pages) |
|
$40.50 |
*Variances may occur after application of first time homebuyer,
low-income homebuyer, and other tax abatements |
- Miscellaneous fees if applicable:
| |
Borrower |
Seller |
| Survey |
$250 |
N/A |
| Termite Inspection |
$65 |
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| Additional Wire/Courier/Overnight |
$35 |
$35 |
| E-Storage Fee |
$45 |
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- District of Columbia First-Time and Lower Income Homebuyer Programs:
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