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Closing Costs and the Truth-in-Lending Statement

When you apply for a loan your lender is required to by law to give you a Truth-in-Lending estimate of your closing costs. This estimate is based on local practices as well as the sales agreementwith the seller. Both the buyer and the seller are responsible for portions of the closing costs. For some of the costs, it depends on where you live and thelocal custom as to who pays what. The majority of the fees are in relation to the loan, where the lender charges certain fees for giving you a mortgage. The RESPA HUD-1 statement outlines who pays what. A copy is given to the buyer atthe end of the closing for his/her records. The RESPA HUD-1 is signed by thebuyer, seller and closing agent. RealEstate Settlement Procedure Act (RESPA) is governed by the Department ofHousing and Urban Development (HUD). This act was passed to help the buyer andseller ensure an ethical transaction. There will also be costs outside the closing. These are referred to as considered payments outside closing (POS).

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June, 2012

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