Archive July 2010
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A Breakdown of Typical Closing Costs
Many Buyers and Sellers would like to know what the typical title and escrow fees will amount to when they buy or sell a home. This nice video and list, provided by Ticor Title, breaks down the typical charges one faces when buying or selling.
Keep in mind that at any time, a title company can give you an estimate of closing costs, based on the type of title insurance policy (standard or extended) and the purchase price of the home. Here's another list of what each party to a transaction pays for:
THE BUYER NORMALLY PAYS FOR:
• One-half of the escrow fee (according to contract)
• Lender’s title policy premiums (ALTA)
• Document preparation (if applicable)
• Tax pro-ration (from date of acquisition)
• Recording charges for all documents in buyer’s names
• Fire insurance premium for first year
• Home Warranty (according to contract)
• Inspection fees (according to contract): roofing, property, geologial, termite, etc.
• All new loan charges (except those required by lender for seller to pay)
• Interim interest on new loan from date of funding to first payment date
THE SELLER NORMALLY PAYS FOR:
• One-half of the escrow fee (according to contract)
• Work orders such as termite inspection and work (according to contract)
• Owner’s title insurance premiums
• Real estate commission
• Any judgments, tax liens, etc. against the seller
• Any unpaid Homeowner Association dues
• Home Warranty (according to contract)
• Any bonds or assessments (according to contract)
• Any loan fees required by buyer’s lender (according to contract)
• Recording charges to clear all documents of record against seller
• Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
• Interest accrued to lender being paid off, reconveyance fees and any prepayment penalties
Call our office for more information on the ins and outs of buying and selling property.
Written by: Rushel Reed, Principal Broker
