At the closing, the buyer must present proof of insurance. If an appraisal of the property reveals it is in a flood plain as identified by the U.S. Department of Housing and Urban Development Flood Insurance Map, the buyer may be required to take out Federal Flood Insurance. This government-financed plan is administered by HUD but may be obtained through a regular insurance agent. Your closing fee statement may also include special inspection fees, notary fees, and other incidental expenses. Any fee you are charged should be specified.
Closing costs vary widely throughout Mississippi.
Much depends on the price of the property and the manner in which it is financed. Determine if an old survey and an affidavit from the seller will be acceptable in lieu of a new survey if one is required and no changes have been made since the seller purchased the property. Make a careful study of fees and charges made by various lending institutions. Choose the one with the best overall package. The closing of a house can be a frightening experience, especially for the first-time buyer.