Profile picture for peirsonb

Does new employer cover "closing costs"?

I recently started a new job which entailed relocating from Michigan to Ohio.  As part of the job offer my employer offers relocation assistance.  I have a good understanding of their assistance on the selling side, they cover just about everything for a "normal" sale.  I'm on the hook if the buyer asks for closing, etc. 

I'm more curious about the buying side. 

The wording of the offer is "The actual normal costs consistent with local practice in purchasing a residence in the new location will be reimbursed.  These costs include:

New loan fee
Points that are reasonable and customary
Appraisal fee
Recording and filing fee
Title insurance and search
Credit report
Attorney fees
Escrow fees
Tax stamps"

What I'm wondering is, is that it?  Or are there other costs typically wrapped up in the term "closing costs"?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 15 2013 - Dayton
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (4)

Profile picture for wetdawgs
You need to talk directly with the HR department.    Each company is likely to have their own variation of what is covered and what isn't.

In my personal experience with relocation, "prepaids" such as taxes and insurance are the employee's responsibility.

Get an itemized list from  your lender and review it with HR.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 15 2013
The other costs include prepaid taxes, home owners insurance, and inspections not required by the lender.  Most often, these are the expenses that are not covered by employers.  
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 15 2013
That list is pretty extensive. So, that should cover everything. Well, it doesn't mention inspections or warranty. A warranty isn't necessary to purchase a home. More often than not a seller will provide but if not that would be something you'd have to pay for that isn't on the list. As well, a home inspection and pest/termite are on the "not required" list but highly recommended inspections. Well and septic inspections (depending on the home you purchase) may be required and also isn't on the list. Only other fee that I don't see is survey too. Something I would clarify with HR is "escrow fees" that term is somewhat used loosely. It could mean the costs to set up your tax/insurance escrow accts or it could mean "closing fee". They do say attny fees however, that could be taken as the actual "closing fee". I'd be happy to provide a dummy "itemized fee worksheet" so you could see what the costs may be for a specific price point and for a specific area in Ohio, if you'd like. Or if you have any other add'l questions I could help with, I'd be happy to help. Best wishes otherwise, Kimberly Lawson. Mortgage Loan Originator (Ohio only). Contact and licensing information can be found on my profile.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 15 2013
Check with your HR department. 
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 15 2013
 
Related Questions
FHA questions
Profile picture for Diana Watson
Latest answer by Diana Watson
July 04 | 2 answers
After being in our house 2 weeks we found mold. This was alluded to in inspection but contractor sai
Profile picture for tiredofoverpricing
Latest answer by tiredofoverpricing
March 08 | 9 answers
3 Ways Dodd Frank Law Will Roil Real Estate in 2014
Profile picture for Pasadenan
Latest answer by Pasadenan
January 04 | 11 answers
Does new employer cover "closing costs"?
Profile picture for wetdawgs
Latest answer by wetdawgs
November 15 2013 | 4 answers
We recently paid $1000 in earnest money on the purchase of a condo, pending inspection. The inspecti
Profile picture for Kimberly Lawson
Latest answer by Kimberly Lawson
August 07 2013 | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1374 Obie St, Dayton, OH Home For Sale
    1374 Obie St, Dayton, OH 45432

     For Sale: $49,900

    • Beds: 3
    • Sqft: 945
    • Baths: 1.0
    • Lot: 9300
  2. 9 Glenwood Ave, Dayton, OH Home For Sale
    9 Glenwood Ave, Dayton, OH 45405

     For Sale: $42,000

    • Beds: 4
    • Sqft: 2040
    • Baths: 1.0
    • Lot: 4225
  3. 1573 Old Lane Ave, Kettering, OH Home For Sale
    1573 Old Lane Ave, Kettering, OH 45409

     For Sale: $104,900

    • Beds: 0
    • Sqft: --
    • Baths: --
    • Lot: --