Guide To Closing Costs
The SELLER can generally be expected to pay for:
- Standard CLTA Owner’s Title Insurance
- Escrow Fee (Seller’s portion, according to contract)
- Document Preparation Fee for Deed
- Notary Fees
- Seller’s Portion of Sub-Escrow Fee
- Termite Inspection (according to contract)
- Termite Work (according to contract)
- Documentary Transfer Tax ($1.10 per $1,000.00 of sales price)
- Any City Transfer/Conveyance Tax (according to contract)
- Any FHA or VA Loan Fees Required by Buyer’s Lender
- Payoff of all Loans in Seller’s Name (or existing loan balance if being assumed by Buyer)
- Interest Accrued to Lender Being Paid Off Statement Fees, Reconveyance Fees, and any Prepayment Penalties
- Home Warranty (according to contract)
- Any Judgment, Tax Liens, etc. Against Seller
- Recording Charges to Clear All Documents of Record Against the Seller
- Tax Proration (for any taxes unpaid at time of transfer of title)
- Any Unpaid Homeowner’s Dues
- Any Bonds or Assessments (according to contract)
- Any and All Delinquent Taxes
- Demand Fees
The BUYER can generally be expected to pay for:
- Title Insurance Premiums (ALTA Loan Policy)
- Escrow Fee (Buyer’s portion according to contract)
- Document Preparation (if applicable)
- Notary Fees
- Buyer’s Portion of Sub-Escrow Fee
- Termite Inspection (according to contract)
- Recording Changes for All Documents in Buyer(s) Name(s)
- Tax Proration (for date of acquisition)
- Homeowner’s Transfer Fee
- All New loan Charges (except those required by Lender for Seller to pay)
- Assumption/Change of Record Fees for Takeover of Existing loan
- Recording Charges to Clear All Documents of Record Against Buyer
- Beneficiary Statement Fee for Assumption of Existing Loan
- Inspection Fees (roofing, property, inspection, geological, etc.) (according to contract)
- Home Warranty (according to contract)
- City Transfer/Conveyance Tax (according to contract)
- Fire Insurance Premium for First Year
- Escrow Loan Tie-In Fee