A Guide to Closing Costs - Who Pays What?

The SELLER can generally be expected to pay for:

• Standard CLTA owner’s Title Insurance
• Real Estate Commission
• Escrow Fee (50%)
• Notary Fees
• Demand Fees
• Document preparation fee for Deed
• Documentary transfer tax ($1.10 per $1,000.00 of sales price)
• Any City Transfer/Conveyance Tax (according to contract)
• Any bond or assessments (according to contract)
• Any and all delinquent taxes
• Any unpaid Homeowner’s dues
• Any FHA or VA loan fees required by Buyer’s Lender
• Payoff of all loans in Seller’s name (or existing loan balance if being assumed by Buyer)
• Interest accrued to Lender being paid off, Statement Fees, Reconveyance Fees and any Prepayment Penalties.
• Termite Inspection (according to contract)
• Termite Work (according to contract)
• Home Warranty (according to contract)
• Any judgment, tax liens, etc. against the seller
• Recording charges to clear all documents

*TITLE TIP: What does Title Insurance Do? Basically, it protects the insured from losses as the result of claims on one’s ownership of land. For instance, a seller may forge a signature of another, creating a loss for a new owner.