Who pays for the closing cost?


Typically the buyer will generally pay the following:

- Lenders title policy premium, if new loan

- Escrow fee, half

- Document preparation

- Notary fees

- Recording charges for all documents in Buyers names

- Homeowner's Association transfer fee, 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

- All pre-paid items, such as interest, or funds for an escrow account


Typically the seller will generally pay the following:

- Owner's title insurance premium

- Real estate agent's commission

- Escrow fee, 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, re conveyance fees and any prepayment penalties

- Termite inspection and any termite repairs per contract

- Home warranty premium per contract

- Homeowner's Association transfer fee, 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

- Any bonds or assessments per contract