Buyer
As a buyer, not only do you need to bring cash to the closing table for the down payment on your mortgage, but you will also need to bring cash for closing costs. The following are costs typically paid by the buyer:
- Document preparation
- Notary fees
- Recording charges for all documents in buyer's name
- Tax pro-ration (from date of acquisition)
- Homeowners' Association transfer fee
- All new loan charges
- Interest on new loan from date of funding to first payment date
- Inspection fees
- Lender's Title policy
- Escrow fees (typically half is paid by Buyer and half by Seller)
- Fire insurance premium for first year
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Seller
As a seller, you are responsible for several closing costs to cover legal and transfer fees, as well as the Brokers' commission. Sellers are also typically responsible for the following costs:
- County documentary transfer tax
- Applicable city transfer/conveyance tax
- Document preparation fee for deed
- Any loan fees required by the Buyer's lender
- Payoff of all loans in Seller's name
- Interest accrued to lender being paid off and any prepayment penalties
- Home warranty
- Any judgements, tax liens, etc. against the Seller
- Tax pro-ration (for any taxes unpaid at time of title transfer)
- Any unpaid homeowner's dues
- Recording charges to clear all documents of record against Seller
- Any and all delinquent taxes
- Notary fees
- Title insurance premium: Owner's policy
- Escrow fees (typically half is paid by Buyer and half by Seller)
- Agents' Brokerage fees
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