When it comes to buying or selling a home, there are many factors involved when determining who is responsible for closing costs. While some are fixed costs, others can potentially be negotiated. 

Here’s a basic list of costs that typically fall on the buyer and the seller.

BUYER

– Earnest money – usually 1% of sales price

– Attorney fees – approx $600

– Mortgage origination fees – approx 0-1%

– Tax escrow – approx 1 quarterly payment

– Pro rated portion of real estate taxes – to be determined based on the date of sale of home

– Homeowners Insurance Escrow – approx 1 quarterly payment

– Homeowners Insurance Policy – approx $1500

– Flood certification fee – $11

– Credit report fee – $55

– Lenders Title Insurance – approx $800

– Owners Title Insurance – approx $650

– Title Exam – approx $175

– Government recording / transfer fees – approx $400

– Intangible tax – $3/$1000 of loan amount

SELLER

– Repairs – to be determined at time of negotiation (agreed upon from inspection report)

– Closing costs – negotiated & agreed upon

– Commissions – typically 6% for buyers & sellers agents

– Loan Payoff – outstanding mortgage balances would be paid at closing

– Home Warranty – optional

– Property Taxes – pro rated

– HOA Fees – pro rated if applicable

 

Have questions? Feel free to reach out to our team & we’ll be happy to help! <!–td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}–>
770.710.5911