Everything that’s covered under a direct bill
A direct bill is an invoice of the costs of your relocation. But what’s covered in a direct bill? This can vary, depending on your situation, but most bills cover all normal and customary closing costs.
We know what you’re thinking: ‘That’s great, but what are normal and customary closing costs?’ These costs can include state and local transfer taxes, lenders title insurance, the lender required survey, an appraisal credit report and lender fees.
However, there can be exceptions to these rules. For example, there are some locations around the country where the seller traditionally pays transfer taxes. In those areas, we would not cover such fees since they are not normal and customary to the area.
Pre-paid taxes and insurance, private mortgage insurance, inspections and a buyer requested survey are not normally covered for purchase closing costs. Although the client might cover certain inspections (general home or pest inspections), they are not included in the direct bill because these fees are paid directly to the inspector in advance of closing, in most cases. Owners title insurance and a buyers survey also aren’t covered by the majority of our clients since they are optional for the buyer.
Ask a mortgage expert which normal and customary costs apply to your situation, so you’re prepared come closing time. Contact GRARelocation@grarate.com for more information.