What Are Third Party Fees?

When purchasing a property, part of the Closing Costs are third party fees. These are typical fees charged for the different services in relation to the purchase. These are independent of the lender, and may include;

1.    INSPECTION FEE – A report on the physical condition of the property, typically requested by the buyer.

2.    APPRAISAL FEE – A report on the value of the property. Typically required by lenders if there is a loan to finance the purchase.

3.    ATTORNEY FEE – This is the fee charged by the Buyer’s Attorney for reviewing the legal documents for the purchase, and representing the buyer in the transaction.

4.    TITLE COSTS – This includes the Title Report, Title Insurance, and may include any fees related to the closing.

5.    HOME OWNER INSURANCE – Property protection, or liability coverage, to protect the property and the buyer.

Depending on the specific property and transaction, amongst others, there may also be Survey, Architectural, or Engineering Report fees.