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Sample Closing Costs-Purchaser or Seller
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Here are some costs that may be incurred during the title process:
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Commission
The seller will have to pay commission fees to the real estate agents representing both the buyer and seller.
Tax Proration
This can be an expense for buyer or seller depending on when the closing takes place.
Property taxes
The seller is responsible for the payment of property taxes until the last day of ownership.
Homeowner’s Insurance
The buyer is responsible for purchasing a homeowner’s policy prior to the closing.
Assessment and Liens
Any assessments and liens on the property need to be paid and/or resolved before the closing. This is the seller’s responsibility. If the buyer intends to assume existing Liens or Assessments they must be obtain approval from their lender if they are obtaining a mortgage
Title Insurance
The financial responsibility for title insurance varies.
Escrow Services
Like title insurance, the financial responsibility for escrow services varies from area to area.
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