A question I get often from both Buyers and Sellers is what are my closing costs and who pays for them? The answer, depends on what was agreed to in the offer/contract and any applicable government regulations.

Below is a list of typical costs on both sides. Remember these can vary depending on your specific contract terms and regulations. If you have questions, let’s chat!

The Buyer generally will pay:

• Lenders title policy premium, if new loan;
• Escrow fee, one half;
• Document preparation, if applicable;
• Notary fees, if applicable;
• Recording charges for all documents in Buyers names;
• Homeowner’s Association transfer fee, one half;
• All new loan charges (except those required by lender for Seller to pay);
• Interest on new loan from date of funding to 30 days prior to first payment date;
• Assumption/change of records fees for takeover of existing loan;
• Beneficiary statement fee for assumption of existing loan;
• Home warranty premium per contract;
• Hazard insurance premium for first year; and
• All pre-paid items, such as interest, or funds for an escrow account

The Seller generally will pay:

• Owner’s title insurance premium;
• Real estate agent’s commission;
• Escrow fee, one half;
• Any loan fees required by Buyer’s lender per contract;
• All loans in Seller’s name (unless existing loan balance is being assumed by Buyer);
• Interest accrued on loan being paid off, statement fees, reconveyance fees and any prepayment penalties;
• Termite inspection and any termite repairs per contract;
• Home warranty premium per contract;
• Homeowner’s Association transfer fee, one half;
• Any judgments, tax liens, etc., against the Seller;
• Recording charges to clear all documents of record against Seller;
• Property taxes: pro-rated to date title is transferred plus any delinquent taxes;
• Any unpaid Homeowner’s Association dues; and
• Any bonds or assessments per contract