WHO PAYS FOR WHAT AT CLOSING?

The Seller can normally be expected to pay for the following:

• Real estate commission
• Owner’s title insurance premiums
• ½ of the Escrow fee
• Payoff of all loans in Sellerʹs name including the interest accrued to lender being paid off, Statement Fees, re‐conveyance Fees and prepayment penalties
•  Any loan fees required by Buyerʹs lender per the contract
• Home warranty according to the contract
• Any judgments, tax liens, etc. against the Seller
• Recording fees to clear all documents of record against the Seller
• Tax pro‐ration ‐ this is for any unpaid taxes at the time of transfer of title until the deed is recorded in your name
• Any unpaid Homeowners Association dues
• Any bonds or assessments according to the contract
• AA home changes everythingny and all delinquent taxes per the contract
• Pest work if needed and possible pest inspection

The Buyer can normally be expected to pay for:

•  Lender’s Title policy premium
•  ½ the escrow fee
•  Document preparation
•  Notary fees
•  Recording charges for all documents in Buyer’s names
•  Homeowner’s transfer charges
•  All new loan charges (except those required by the lender for the Seller to pay)
•  Interest on a new loan from date of funding to 30 days prior to first payment date
•  Assumption/Change of records fees for takeover of existing loan
•  Home Warranty (according to contract)
•  Fire Insurance Premium for the first year

There are some mandatory costs: 

• FHA requires buyer pay for reserves (impounds) for property taxes and hazard insurance, plus adjusted interest.
• Both FHA and VA require that the seller must pay for assignment, flood certification, recording to clear title, document preparation, photo inspection, tax service and warehousing.

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