Who pays the closing costs on a home purchase?
The Seller can generally expect to pay
*
Owner’s title insurance premium*
Real estate commission*
Half of the escrow fee (except VA)*
Notary fees (if applicable)*
Any loan fees required by Buyer’s lender (according to contract)*
Payoff of all loans including accrued interest, statement fees, re-conveyance fees, and any prepayment penalties*
Termite inspection (according to contract)*
Home warranty (according to contract)*
Any judgments, tax liens, etc. against the Seller*
Recording charges to clear all documents of record against the Seller*
Tax pro-ration for any taxes unpaid at time of transfer of title*
Any unpaid homeowners association dues*
Any bonds or assessments (according to contract)*
Any and all delinquent taxesThe Buyer can generally expect to pay:
*
Lender’s title policy premiums*
Half of the escrow fee (except VA)*
Document preparation (if applicable)*
Notary fees (if applicable)*
Recording charges for all documents in Buyer’s name*
Termite inspection (according to contract)*
Homeowners’ association transfer fee (according to contract)*
All new loan charges (except those which the lender requires the seller to pay)*
Interest on new loan from date of funding to 30 days prior to first payment date*
Home warranty (according to contract)*
Fire insurance premium for first year*
All prepaid deposits for taxes, insurance, MIP, etc.