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Buyers and Sellers




 

Guide To Closing Costs  
 

THE BUYER NORMALLY PAYS FOR:

• One-half of the escrow fee (according to contract)
• Lender’s title policy premiums (ALTA)
• Document preparation (if applicable)
• Tax pro-ration (from date of acquisition)
• Recording charges for all documents in buyer’s names
• Fire insurance premium for first year
• Home Warranty (according to contract)
• Inspection fees (according to contract): roofing, property, geologial, termite, etc.
• All new loan charges (except those required by lender for seller to pay)
• Interim interest on new loan from date of funding to first payment date


THE SELLER NORMALLY PAYS FOR:

• One-half of the escrow fee (according to contract)
• Work orders such as termite inspection and work (according to contract)
• Owner’s title insurance premiums
• Real estate commission
• Any judgments, tax liens, etc. against the seller
• Any unpaid Homeowner Association dues
• Home Warranty (according to contract)
• Any bonds or assessments (according to contract)
• Any loan fees required by buyer’s lender (according to contract)
• Recording charges to clear all documents of record against seller
• Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
• Interest accrued to lender being paid off, reconveyance fees and any prepayment penalties


 

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