Chicago Real Estate Perspective

Dave Nimick: What to Know About Closing Costs

Episode Summary

In this episode, Dave discusses: What buyers and sellers have to pay at closing. Why a title company is important to closing (and who gets to pick the company). The reason closings often happen near the end of the month. The various charges that may or may not appear at closing. Key Takeaways: Closings almost always happen at a title company, or at least in the presence of a title representative. Closing will take, at minimum, 20 minutes but usually take 1-2 hours, sometimes longer. Most people let the mortgage company pay the property taxes and insurance rather than keep track of it themselves. That money goes into escrow, to which money is added at closing. Realtor commissions are not paid until closing. "I am not a lawyer, a lender or a title rep for that matter. So you will want to speak with each of those professionals when you're going through this process to really sharpen the pencil on exactly what your closing costs may be." —  Dave Nimick Connect with Dave Nimick: Website: https://thenimickteam.com/ Email: dave@thenimickteam.com YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos LinkedIn: https://www.linkedin.com/in/davenimick/ Facebook: https://www.facebook.com/thenimickteam Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty Show notes by Podcastologist: Chelsea Taylor-Sturkie Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.

Episode Notes

In this episode, Dave discusses:

• What buyers and sellers have to pay at closing. 
• Why a title company is important to closing (and who gets to pick the company). 
• The reason closings often happen near the end of the month. 
• The various charges that may or may not appear at closing. 

Key Takeaways:

• Closings almost always happen at a title company, or at least in the presence of a title representative. 
• Closing will take, at minimum, 20 minutes but usually take 1-2 hours, sometimes longer.
• Most people let the mortgage company pay the property taxes and insurance rather than keep track of it themselves. That money goes into escrow, to which money is added at closing. 
• Realtor commissions are not paid until closing.

"I am not a lawyer, a lender or a title rep for that matter. So you will want to speak with each of those professionals when you're going through this process to really sharpen the pencil on exactly what your closing costs may be." —  Dave Nimick

Connect with Dave Nimick:

Website: https://thenimickteam.com/

Email: dave@thenimickteam.com

YouTube: https://www.youtube.com/channel/UC4WqeMs62CL3T5P-w6ncqbQ/videos

LinkedIn: https://www.linkedin.com/in/davenimick/

Facebook: https://www.facebook.com/thenimickteam

Dave Nimick is owner of The Nimick Team, Inc. with Keller Williams Realty

Show notes by Podcastologist: Chelsea Taylor-Sturkie

Audio production by Turnkey Podcast Productions. You're the expert. Your podcast will prove it.