Closing Costs

Escrow, Title, Taxes and Closing Costs
Closing Costs :
Closing costs or settlement costs are an accumulation of separate charges paid to different entities for the professional services associated with the buying and selling of real estate.
Some of the items associated with closing costs are:
Title Insurance Premium
Fee paid by an individual to ensure he has a marketable title or (in case of a lender) to ensure its lien position.
Real Estate Commission
Fee paid to a real estate company for services rendered in listing, showing, selling and consummating the transfer of property.
Transfer and Assumption Charges.
Fees charged by a lender to allow a new purchaser to assume an existing loan.
Recording Fees
Fees assessed by a county recorder’s office for recording the documents of a real estate transaction.
Loan Fees
Fees charged by a lender in connection with the processing of a new loan. These may include points, origination fee and credit report.
Escrow Fees
Fees charged by a title and/or escrow company for services rendered in preparing documents necessary in the consummation of a real estate transaction.
Additional Settlement
Taxes, insurance, impounds, interest prorations, and termite inspection fees.
Guide to closing costs :
who usually pays for what?
SELLERS GENERALLY PAY… BUYERS GENERALLY PAY…
Real Estate Commission Title Insurance premiums *
Document Preparation Fee for Deed Escrow Fee *
Document Transfer Tax ($ 1.10 per $ 1,000 sales price) Notary Fees
Any City Transfer/Conveyance Tax (according to contract) Recording charges for all documents in buyer’s name
Any loan fees required by buyers’ lender Termite Inspection {according to contract)
• Payoff of all loans in sellers’ name (or existing loan balance if being assumed by buyer)
• Interest accrued to lender being paid off
• Statement fees, Reconveyance Fees and any loan Prepayment Penalties
• Termite Inspection and work (according to contract)		 • Tax poration (from date of acquisition)
• Homeowner’s Transfer Fee
• 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
• Home Warranty (according to contract)
• Any judgments, tax liens, etc., against the seller and Recording Charges to clear all documents of record against seller		 • Assumption/Change or “Records fees for takeover of existing loan
• Beneficiary Statement Fee for assumption of existing loan
Tax proration (for any unpaid taxes up to time of transfer of title) Inspection Fees (roof, property inspection, geological, etc.)
Any unpaid Homeowner’s Dues Inspection Fees (roof, property inspection, geological, etc.)
Homeowner’s Association Document Fee City Transfer/Conveyance Tax (according to contract)
ny bonds or assessments (according to contract) Courier Fees
Any and all delinquent taxes
Notary Fees
Courier Fees
*These items might not apply to your County. Some counties split their title and escrow fees between the Sellers and Buyers. While some counties, the Sellers are responsible for paying the title insurance (CLTA policy) and escrow fees and the Buyers pay the title insurance (ALTA Policy). Please check with your Title Saks Representative for this information.