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DOCUMENT FEES

This is a common fee charged by an attorney who reviews the loan documents or it could be from the closing agent who prepares the legal documents for closing. Whoever is responsible for ensuring that the closing papers are legal will typically charge a document fee.

In Texas, for instance, an attorney must review all loan papers. The attorney will then warrant them. In other states, a closing agent or the lender can provide the same guarantee that the loan papers meet lending guidelines.

Document fees can range from $200 to $400 per set of documents.

HOA FEES

This is (typically) a monthly fee paid to the HOA that cover a variety of things including helping to pay for project insurance premiums, maintenance in the compound, and management.

The more amenities a condo or co-op offers, the more you can expect to pay in HOA fees. Typical HOA fees run around $200 per month, but they can go much higher.

ATTORNEY FEES

Again, this will vary depending on locale. In Illinois, for instance, an attorney holds the closing for the buyer and the seller — and can issue title insurance. In Texas, a licensed attorney must review all mortgage loans. In California, there is no requirement for an attorney at all. When I was a mortgage broker in San Diego, I never met an attorney or saw one involved in a transaction other than representing the estate of someone who was deceased.

Attorney fees, when applicable, range from $100 to $500 per transaction.

COURIER FEES

This is a fee charged by a courier service or overnight delivery service to deliver signed loan documents from the closing agent to the lender. This can literally be a driver — even a bicyclist in some cities — who picks up the loan papers from the attorney's office and delivers them to the lender.

Courier charges are nominal, $25 or so.

 
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