Buyer and seller fees
Many fees are negotiable; however, there are some fees that you and the seller are required to pay.
Buyer typically pays:
• Inspections
• Escrow fee from the title company
• Loan fees required by your lender
• Title insurance premium
• Fire and hazard insurance premium
Seller typically pays:
• Real Estate commissions
• Any judgments or tax liens
• Any unpaid homeowner’s dues
• Transfer taxes
• Delinquent property taxes
Closing Costs
What you need to know
Closing costs are fees paid by the buyer and the seller at the close of your home. During the escrow process you will have received a Good Faith Estimate which includes your closing costs and settlement charges. Typically, closing costs are 1-2% of the purchase price of your home. A few days prior to closing, your lender will give you a detailed breakdown in the Closing Disclosure Statement.
What’s Included?
Closing costs include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed-recording fees, initial deposit for your escrow account, home owners insurance and credit report charges.
In addition, there are nonrecurring costs and pre-paid costs. Nonrecurring costs are one-time fees associated with buying a property or getting a loan. Prepaid costs are those that recur over time, such as property taxes and homeowner’s insurance.
