Amy Green & Susan Meyers-Pyke

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Typical Fees and Closing Costs

There are a variety of services required to close a real estate transaction and some fees/closing costs that may apply.  What is dictated by the traditions and practices in each area or what the parties mutually agree upon may differ from state to state and even county to county.  Furthermore, FHA and VA loans may have certain requirements with regards to who pays for a specific fee or how much can be contributed.  Finally, remember many items including who pays for what in a real estate contract are negotiable.

Seller's Typical Fees/Closing Costs

  • Real estate commission as specified in listing agreement or sales contract.
  • Any applicable city, county or real property transfer/conveyance taxes (documentary transfer taxes) as specified in contract.
  • Payoff of all loans in seller’s name including principal balance plus interest, any demand, reconveyance or other fees, any prepayment penalties and preparation of documents and existing loan balance being assumed by buyer if applicable.
  • Any judgments, tax liens, etc. against seller.
  • Any unpaid property taxes at time of transfer.
  • Any unpaid HOA dues.
  • Any bonds or assessments if specified in contract.
  • Any and all delinquent taxes.
  • Termite inspection and/or work if specified in contract.
  • Home warranty if specified in contract.
  • Notary fees if applicable.
  • Half of escrow or sub-escrow fees.
  • Title insurance premium.
  • Recording charges to clear all documents of record against seller if applicable.
  • Any loan fees required by buyer's lender if applicable.

Buyer's Typical Fees/Closing Costs

  • All new loan charges as required by lender including any loan origination fees or funding fees, credit report, preparation of documents, prepaid interest and appraisal fee (except those required by lender for seller to pay if applicable).
  • Impounds for taxes and fire insurance as required by lender.
  • Termite work if specified in contract.
  • Escrow fees as specified in contract.
  • Owner's insurance premiums (CLTA).
  • Lender's title policy premiums (ALTA).
  • Document preparation fees.
  • Notary fees if applicable.
  • Homeowner's transfer fee if applicable.
  • Tax proration from date of acquisition.
  • Recording charges for all documents in buyer's name.
  • Fire insurance premium for first year.
  • Inspection fees for roofing, property inspection and geological.
  • City transfer/conveyance tax as specified in contract.
  • Beneficiary statement fee for assumption of existing loan if applicable.
  • Assumption/change of records fees for takeover of existing loan if applicable.

If you have any additional questions pertaining to escrow fees/closing costs and services please contact us.  We look forward to hearing from you soon!

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