Find out the closing costs of the buyer and seller with the below information.

Property located in Virginia Closing Date: October 15 First payment due: December 1 Sales Price: $280,000 Earnest money deposit: $5,000 Down payment: $56,000 Existing loan to be paid off: $125,000 New loan amount: $220,000 @ 4.50% interest, for 30 years Escrow (impound) of two months Annual property taxes: $2,400, paid through December 31 Hazard insurance: $330 for one-year policy Real estate broker commission: 6 percent Owner's title policy: $250 Lenders title policy: $750 Survey $125 Recording fees charged to buyer: $75 Lender fees charged to buyer: $1,100 Transfer tax: $180 paid by seller Termite inspection: $125 Roof inspection & repair: $2,100 Homeowner warranty provided by seller: $500

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To calculate closing costs for the buyer and seller well need to consider various fees ... View the full answer