Closing Costs - Who Pays For What?

The typical fees paid by a buyer and seller in a real estate transaction:

Seller

  • Owner's title insurance policy
  • 50% of the escrow fee
  • Excise tax
  • Real estate commission (standard 6%)
  • Utility payoffs
  • Loan balance
  • Document prep fees (i.e. power of attorney)
  • Misc. wre fees
  • Misc. courier fees
  • Misc. signing fees
  • Pro-rated property taxes
  • Home warranty (depends on contract)
  • Homeowner's association fee (pro-rated dues, resale certificate)
  • FHA / VA Financing

Buyer

  • Lender's title insurance policy
  • 50% of the escrow fee
  • Recording fees
  • Surveys
  • 1st year fire insurance (and flood insurance if applicable)
  • Document prep fees (i.e. quit claim deed)
  • Misc. wire fees
  • Misc. courier fees
  • Misc. signing fees
  • Pro-rated property taxes
  • Home warranty (depends on contract)
  • Property and pest inspection
  • Homeowner's association fee (pro-rated dues, transfer fee, capital contribution)
  • Lender fees (i.e. appraisal, credit report, loan fees, PMI)

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