A Guide to Closing Costs

A Guide to Closing Costs

Are you getting ready to buy or sell a property?

Whether you are a first time home buyer or a seasoned veteran, closing costs can be confusing and, at times, overwhelming.

What are my closing costs

Here is a guide to closing costs where we answer, "Who pays what?"

So here is what we have found to be 'generally' true:

The Seller can generally be expected to pay for:

  • Real Estate Agent Compensation
  • Tax Certificate
  • Escrow Fee
  • Document Preparation for Deed
  • Any Loan fees required by buyers lender
  • Payoff of all loans in the seller's name
  • Interest accrued to lender being paid off, Statement Fees and any prepayment penalties
  • Owner title insurance
  • Termite inspection (if VA loan)
  • Any judgments, tax liens, etc. against the seller
  • Tax proration
  • Any unpaid Homeowner's dues
  • Any delinquent taxes
  • Notary Fees
  • State Guarantee Fee ($2)
  • Home Warranty (if in contract)
  • Homeowner's Transfer Fee
  • Any additional fees agreed to per the contract

The Buyer can generally be expected to pay for:

  • Lender's Title Insurance Premium
  • Escrow Fee
  • Document Preparation
  • Notary Fees
  • Recording charges for all documents in buyer's name
  • Homeowner's Association Dues (for the prorated portion of the year)
  • All new loan charges (except those required by lender for the seller to pay)
  • Interest on new loan
  • Inspection Fees
  • Homeowner's Insurance Premium for First Year
  • State Guarantee Fee ($2)

Some of these charges are negotiable, some are not.  Deb & Drew try to negotiate every agreement in favor of their Clients with the understanding that a great win-win agreement is born out of reasonable compromise.

Should you be ready to buy or sell, contact Deb & Drew today!

Closing Costs

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