I bought a new house as a rental last year. I'm trying to figure out which of my closing costs I can add to the following 5 categories of TT and which ones should I add to my purchase price or mark them as an expense.
TT categories:
a) abstract and recording fees b) Legal fees, title search, document preparation c) land surveys d) transfer or stamp taxes e) expenses you paid for the seller
The closing costs I incurred are as follows:
1. 1% loan origination fee
2. funding fee
3. tax certification fee
4. underwriting fee
5. wire transfer fee
6. appraisal fee
7. credit report fee
8. flood certificate fee
9. title - erecording fee
10. title - lender's title insurance
11. title - notary fee
12. title -settlement fee
13. trust review fee
14. county recording fees
15. prepaid interest
16. hoa set up fee
How do I know which of the 16 above charges falls through a - e categories of TT. In my case the seller gave a lump sum credit. How do I account for that?
