If the property will not be the primary residence of the buyer, the rate is 1.25% (one and a quarter percent) of the entire purchase price. 5% (one-half of one percent) of the first $100,000.00 of the purchase price and 1.25% (one and a quarter percent) of the purchase price in excess of $100,000.00. If the property will be the purchaserРІР‚в„ўs primary residence, the tax is. The tax is paid by the buyer to the Vermont Department of Taxes.

Vermont Property Transfer Tax: A town or city clerk will not record a deed for the transfer of title to real property unless it is accompanied by a Vermont Property Transfer Tax Return and payment of any applicable transfer tax.

American Land Title, LLC will obtain this insurance for you. Premiums are based upon the purchase price or loan amount using rates filed with and approved by the Vermont Department of Banking, Insurance, Securities and Health Care.

Owners may also obtain a policy known as an OwnerРІР‚в„ўs Policy to protect their interests. Title Insurance: Lenders require a title insurance policy to protect their interest in your property.American Land Title, LLC can perform this service. Settlement/Closing Fees: Once your closing date has been set, a settlement agent will perform the following: obtain payoff statements for outstanding mortgages, liens or attachments, as necessary prepare a HUD-1 Settlement Statement calculate customary prorations conduct the closing (oversee the proper execution of all necessary documents and make copies for the various parties) disburse funds as necessary and, send documents to the applicable city or town clerk for recording.American Land Title, LLC will perform this service for you. Title Search: When your offer has been accepted or your refinance loan has been approved, you must have a title search performed.AttorneyРІР‚в„ўs Fees: If the buyer or seller had legal representation involved in the transaction, the attorneyРІР‚в„ўs fees are customarily paid at time of closing.

When your taxes or insurance payments are due, the lender remits the payment. If any of these items are escrowed, they are collected with your mortgage payment. Escrows: You and/or your lender may opt to have some or all of the following payments escrowed: real estate taxes private mortgage insurance payments (if applicable) and, hazard insurance premiums.Any borrower subject to PMI requirements should check with the lender regarding the specific rules and requirements applicable to their unique circumstances. The PMI requirement may be eliminated if the value of the property increases due to appreciation or improvements made, or if the amount of the loan has been paid down to a certain level. PMI enables lenders to lend a higher percentage of the propertyРІР‚в„ўs appraised fair market value. Private Mortgage Insurance (РІР‚СљPMIРІР‚Сњ): This is a type of insurance written by an independent mortgage insurance company that protects the lender against loss incurred due to mortgage default.Most condominium owners also obtain a condominium owners policy to insure their contents and provide liability coverage. With a condominium, a certificate of insurance is obtained from the condominium association. This policy is often referred to as a HomeownerРІР‚в„ўs policy. The policy should name your Lender as an additional insured in the mortgagee/loss payee clause. Hazard Insurance: You should have a policy of Hazard Insurance in place by the date of closing to protect you against loss.As a general rule, the later in the month your closing occurs, the lower your interim interest. This amount varies depending upon your interest rate, loan amount, and which day of the month you close. Interim Interest: This is the interest due on your new loan during the month of your closing.This service usually monitors your property for the life of the loan. If the property is in a flood zone, the lender will require flood insurance. Flood Service Fee: This fee is paid to a company that determines whether the property is located in a Flood Zone as determined by the Federal Government.Credit Report Fee: This fee covers your lenderРІР‚в„ўs expense in purchasing a credit report about you.You should request a copy of the appraisal if one is not provided to you at closing by the lender. Appraisal Fee: This fee covers your lenderРІР‚в„ўs expense in having the property appraised to determine its fair market value.Loan Discount Fee: This fee is typically based upon a percentage of the loan amount.Loan Origination Fee: This fee is typically based upon a percentage of the loan amount.Although the list is not exhaustive, it includes the most common loan and closing costs. It is likely some, but not all of the costs will apply to your closing. The following is a list of the various closing costs a buyer may encounter in a real estate transaction.

Vt transaction cost