CLOSING COSTS: Who Pays What?

Closing costs include any costs incurred in the sale and transfer of property over and above the purchase price itself.

The Buyer usually pays for:

Title Insurance
- both an owner and lender policy
Escrow fees
Inspection Fees
- Termite Inspection, General Contractor Inspection as outlined in the Contract,
- Other Physical Inspections, which can include roofing, geological inspection, etc.
Tax Pro-Ration
Transfer Fee (if require in a condominium or loft)
Fire & Hazard Insurance
Home Warranty Plan
New Loan Charges
Interest on New Loans
Assumption or Change of Record fees, if taking over an existing loan
Notary Fees

The Seller usually pays for:

Real Estate Agent's Commission
City Transfer Taxes
Deed Preparation
Document Transfer Tax
Payoff of Loans in the Seller's Name, and interest due to Lender being paid off
Home Warranty (if stated in Contract)
Notary Fees
Liens or Judgments against the Seller, and Bonds (if specified in Contract)
Recording Charges
Delinquent Taxes or Unpaid Homeowner's Dues

Please contact me for further information.