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What Are Closing Costs?

What are Closing Costs?

Closing Costs are shared between buyer and seller. Here is a detail of typical costs associated with buying and selling.

Seller

The seller is generally expected to pay for the following:

  • Real estate commissions
  • Document preparation fee for deed
  • Documentary transfer tax
  • Any city transfer/conveyance tax
  • Title insurance premium
  • Escrow fee
  • Payoff of all loans in seller’s name
  • Interest accrued to lender being paid off, statement fees, reconveyance fees, and any prepayment penalties
  • Any judgements, tax liens, etc. against the seller
  • Tax proration
  • Any unpaid homeowner’s dues (for HOA or Condos)
  • Recording changes to clear all documents of record against seller
  • Any and all delinquent taxes

Buyer

The buyer is generally expected to pay for the following:

  • Loan origination fee
  • Other lender fees (credit, appraisal)
  • Title insurance premium
  • Escrow fee
  • Document preparation (if applicable)
  • Recording charges for all documents in buyer’s name
  • Tax proration (from date of acquisition)
  • Homeowner’s dues (for HOA or Condos)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption/change of records fees for takeover of existing loan
  • Beneficiary statement fee for assumption of existing loan

After more than twenty years on the air, Ron & Don have moved their massive audience to www.ronanddonradio.com. As licensed Real Estate brokers with Windermere Midtown, Ron & Don use their passion, expertise, and unprecedented reach to help buyers, sellers, or investors.

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