CLOSING COSTS – WHO PAYS WHAT

Closing Costs Can Run Between 2-5 of Purchase Price

Seller

1.     1/2 of Title and Escrow fees

·        Fees such as transfer taxes, title insurance, notary fees, etc.

2.     Commissions

·        Real Estate Commissions

3.     Loan Payoff

·        Outstanding mortgage balances would be satisfied at closing

 Additional Costs

Home Warranty (Optional)

Property Taxes (Prorated)

RE Brokerage Admin Fees

Pest and Septic Inspection

HOA Fees (Prorated, if required)

*All fees and charges can be negotiated.

*Be prepared. Budget for low-cost repairs.

*Tax prorations vary by state, ask a professional.

Buyer

1.      1/2 of Title and Escrow fees

·         Fees such as transfer taxes, title insurance, notary fees, etc.

2.     Lender Fees

·        For obtaining a mortgage including the appraisal

3.     Homeowners Insurance

·        Typically one year of your hazard or homeowners insurance is paid up front at closing.

Additional Costs

Owners Title Insurance

Inspection Fees (in escrow)

Earnest Money (credit at close)

RE Admin Fee (if applicable)

Credit Report Fee

*You can ask for closing cost assistance from the seller as part of the offer.

* A $1,000 increase in purchase price usually equates to lt; $10 / month.

* Dont make any big purchases when you are under contract.

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