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Kaylynn Kelley

Buy & sell At the same time

Real Estate

Who Pays the Closing Costs?

I'm a mom, a wife, podcast junkie & Realtor. I help my clients go from overwhelmed by buying & selling at the same time to popping 🍾 and living their best life.

Hi! I"m Kaylynn.

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

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