What Costs Does the Seller Pay?
Closing costs are paid by both the buyer and the seller in the transaction. Some
of the fees may be assigned within the real estate contract. In some counties,
it is the seller who pays the cost of the owner's title insurance premium, while
the buyer pays the lender's title insurance premium. In other counties, that
is reversed or costs are shared equally. Here are some of the costs a seller
may pay:
Owner’s title insurance premiums
Real estate commission
Escrow fee
Document preparation fee for Deed
Documentary transfer tax
50% of city transfer/conveyance tax (according to contract)
Payoff of all loans in seller’s name (or existing loan balance if being
assumed by buyer)
Termite inspection (according to contract)
Home warranty (according to contract)
Any judgments, tax liens, etc. against seller
Recording charges to clear all documents of record against seller
Tax pro-ration (for any unpaid taxes at time of transfer of title)
Any unpaid homeowner’s dues
Any bonds or assessments (according to contract)
Any and all delinquent taxes
Courier, special overnight or other delivery fee
What Costs Does the Buyer Pay?
In some cases the buyer splits fees with the seller. Again, some fees
are specified within the real estate contract. Here are some of the
costs which may be the responsibility of the buyer:
Lenders title policy premiums
50% of city transfer/conveyance tax (according to contract)
Document preparation (if applicable)
Notary fees
Courier, special overnight, or other delivery fees
Recording charges for all documents in buyers’ names
Termite inspection (according to contract)
Tax pro-ration (from date of purchase)
Homeowner’s transfer fee
All new loan charges (except those required by lender for seller to pay)
Interest on new loan from the 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
Inspection fees (roofing, pool, property inspection, geological, etc.)
Home warranty (according to contract)
Fire insurance premium for first year
If there is any way that I can assist you further, please contact me.
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