Who Typically Pays For What At The Closing?

Below I have compiled a list of what is typically paid by each party in a real estate transaction. Depending on what county you are in will depend on who pays for these fees. This information may assist you in knowing what fees are involved when negotiating your real estate transaction.closing costs property guiding

SELLER’s Typical Fees:

  • Real Estate Commission
  • Document preparation fee for Deed
  • Documentary transfer tax for the Deed
  • Any city Transfer/Conveyance Tax (according to contract)
  • Any loan fees required by buyer’s lender (on FHA or VA loans)
  • Payoff of all loans in seller’s name
  • Interest accrued to lender being paid off, Statement Fees, reconveyance Fees and any Prepayment Penalties
  • Termite Inspection (according to contract & typically on FHA or VA loans)
  • Termite Work (according to contract)
  • Home Warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at time of transfer of title)
  • Any unpaid Homeowner’s dues
  • Title Insurance Premium
  • Recording charges to clear all documents of record against the seller
  • Any bonds or assessments (according to contract)
  • Any and all delinquent taxes
  • Notary Fee
  • Escrow Fee

BUYER’s Typical Fees:

  • Title Insurance Premium
  • Escrow Fee
  • Notary Fee
  • Document preparation (if applicable)
  • Recording charges for all documents in buyer’s name
  • Termite Inspection (according to contract)
  • Tax proration (from date of acquisition)
  • Condo’s/Homeowner’s transfer fee
  • All new loan charges (except those required by the lender for the seller to pay)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home Warranty (according to contract)
  • Intangible tax on the Mortgage (according to contract)
  • Documentary stamp tax on the Mortgage (according to contract)
  • Survey Fees (depending on lender requirements)
  • Homeowners insurance for first year
  • Flood Insurance for first year

Have a question on a specific fee or just a general title question;

give me a call…239-415-6574!

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Posted on August 17, 2012, in Title and tagged , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , . Bookmark the permalink. Leave a comment.

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