title – The Lawhead Team https://marilynlawhead.com The Lawhead Team, Because Two Lawheads are Better than one! Wed, 12 Nov 2014 14:08:37 +0000 en hourly 1 Who Pays What? A Closer Look At Closing Costs https://marilynlawhead.com/pays-closer-closing-costs/ Wed, 12 Nov 2014 14:08:37 +0000 http://www.marilynlawhead.com/?p=3466 Ever wonder who pays for what when it comes to closing costs?

The Lawhead Team would like to share a great article from Christy Cimino with Equity Title about closing costs and who pays for what:

The SELLER Can Generally Be Expected To Pay For The Following Closing Costs:

  • “Owner’s” title insurance policy premium
  • Escrow fee
  • closing costsReal estate commission
  • Document preparation fee for deed
  • Documentary transfer tax (typically $1.10 per $1,000.00 of sales price)
  • City transfer or conveyance tax (defined by contract)
  • Any loan fees required by buyer’s lender (FHV,VA)
  • Payoff 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 prepayment penalties
  • Termite work (defined by contract)
  • Home warranty (defined by contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at time of transfer of title)
  • Any unpaid homeowner’s dues
  • Recording charges to clear all documents of record against seller
  • Any bonds or assessments (defined by contract)
  • Any and all delinquent taxes
  • Notary fees
  • Homeowner’s transfer fee
  • Messenger fees (if applicable)

 

The BUYER Can Generally Be Expected To Pay For The Following Closing Costs:

  • “Lender’s” title insurance policy premium
  • Escrow fee
  • Document preparation (if applicable)
  • Notary fees
  • Recording charges for all documents in buyer’s name
  • Termite inspection (defined by contract)
  • Tax proration (from date of acquisition)
  • All new loan charges (except those required by lender for seller to pay)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption or change of records fee for takeover of existing loan
  • Beneficiary statement fee for assumption of existing loan
  • Inspection fees (roofing, property inspection, geological, etc.)
  • Home warranty (defined by contract)
  • City transfer or conveyance tax (defined by contract)
  • Fire insurance premium for the first year
  • Messenger fees (if applicable)

Please Note: All of the Sellers and Buyers Closing Costs listed are negotiable and are defined by the contract between the two parties.

]]>