Who Pays What?
A Guide to
Closing Costs
The Seller can generally be expected to pay for:
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Standard CLTA owner’s title insurance
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Real estate commission
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Document preparation fee for deed
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Documentary transfer tax ($1.10 per $1,000.00 of sales price)
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Any city transfer/conveyance tax (according to contract)
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Homeowner’s transfer fee
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Any FHA or VA loan fees required by Buyer’s Lender
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Payoff of all loans in Seller’s name (or existing loan balance if being assumed by Buyer)
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Interest accrued to Lender being paid off, statement fees, reconveyance fees and any prepayment penalties.
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Termite inspection (according to contract)
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Termite work (according to contract)
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Home warranty (according to contract)
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Any judgment, tax liens, etc. against the Seller
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Recording changes to clear all documents of record against Seller
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Tax pro-ration (for any taxes unpaid at time of transfer of title)
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Any unpaid Homeowner’s dues
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Any bonds or assessments (according to contract)
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Any and all delinquent taxes
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Notary fees
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Escrow fee
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Seller’s portion of sub-escrow fee
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Demand fees
The Buyer can generally be expected to pay for:
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Title insurance premiums (ALTA loan policy)
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Escrow fee
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Document preparations (if applicable)
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Notary fee
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Recording changes for all documents in Buyer’s name(s)
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Termite inspection (according to contract)
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Tax proration (for date of acquisition)
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All new loan charges (except those required by Lender for Seller to pay)
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Inspection fees (roofing, property inspection, geological, etc.)
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Home warranty (according to contract)
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Fire insurance premium for the first year
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Buyer’s portion of sub-escrow fee
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Escrow loan tie-in fee