There are a number of closing costs that the buyer and the seller need to consider. Below are the typical closing costs that are paid by each party in our county, however, sometimes these are paid by the other party. The purchase and sale agreement may outline assignment of closing costs differently than what I have outlined below.
BUYER RESPONSIBILITY | SELLER RESPONSIBILITY |
Half of escrow | Half of escrow |
Document preparation fees per the lender | Title Insurance Premium |
Pro-rated property taxes from closing date | Excise Tax (based on county percentage) |
Pro-rated HOA dues from closing date | Unpaid property taxes |
Homeowners Insurance | Unpaid utilities |
Inspection fee | Unpaid homeowner association dues |
Appraisal fee | Unpaid assessments |
Mortgage interest from load date to first payment | Any outstanding liens and judgements |
Certain utilities from closing date and fuels remaining on-site | Real estate commission |