Guide to Closing Costs

Although each transaction is unique in that not all transactions will include all these items (and some transactions even have buyers or sellers paying for items that are on the others’ lists), below is a general guide of who pays for what in a real estate transaction in our area:

Buyer Seller
Loan Origination Fee Pay off Existing Mortgage(s)
Appraisal Real Estate Commissions
Credit Report Pay Off Leased Items
Home Owner’s Insurance (1 yr.) Prorated Taxes (up to point of sale)
Prorated Taxes (from purchase date) Escrow Fee (half)
Document Preparation Fee Title Insurance (for buyer)
Title Insurance (for lender) Excise Tax (1.78% of sale price)
Recording Fees  
Escrow Fees (half)
Mortgage Insurance Premium
Reserves for Taxes, Insurance, PMI, HOA