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Who Pays The Closing Fees? {Finance}

Posted by Susanna Haynie on March 30, 2013
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Closing Costs Who pays all of these fees_

 

There are so many charges in a real estate transaction and it’s mostly because there are so many parties involved: lenders, title company, real estate agents, seller/buyers, your county (taxes), insurance, water. It can be a challenge to keep an eye on them and sometimes your settlement statement is a little surprising when you have all those charges in front of you.

To familiarize you with some of the charges that might be coming to you as a buyer or seller, I used an information sheet from Empire Title, Colorado Springs, Co .  Not all closing fees will actually be charged (depending on loan and transaction), and who pays them is negotiable most of the time. The mentioned fees might vary from state to state.

==> Why a pre-approval from a local lender makes you a powerful buyer.

Loan Type                                                                                                                                              

                                                                         VA                    FHA                  CONV

Owner Title PolicySellerSellerSeller
Mortgage Policy $125BuyerBuyerBuyer
Endorsement 100 $50BuyerBuyerBuyer
Endorsement 8.1 $50BuyerBuyerBuyer
Tax Certificate $25B or SBuyerBuyer
Doc Fee $.10 per $1000BuyerBuyerBuyer
Closing Fee Real Estate $190Seller50/5050/50
Closing Fee New Loan $210SellerBuyerBuyer
Short Sale Closing Fee $200SellerSellerSeller
Recording Fees $10/pg + $1/doc
–Warranty DeedBuyerBuyerBuyer
–Deed of TrustSellerSellerSeller
–Release of old Deed of Trust $30SellerSellerSeller
Loan Origination FeeBuyerBuyerBuyer
Discount PointsNegotiableNegotiableNegotiable
VA Funding FeeBuyerN/AN/A
FHA Mortgage InsuranceN/ABuyerN/A
Private Mortgage InsuranceN/AN/ABuyer
Tax Service FeeSellerSellerBuyer
Credit ReportBuyerBuyerBuyer
AppraisalBuyerBuyerBuyer
ILC/SurveyBuyerBuyerBuyer
Amortization scheduleBuyerBuyerBuyer
Final InspectionSellerBuyerBuyer
Insurance -1st yr premiumBuyerBuyerBuyer
Escrows:
–InsuranceBuyerBuyerBuyer
–TaxesBuyerBuyerBuyer
–FHA &PMIN/ABuyerBuyer
Prepaid InterestBuyerBuyerBuyer
Doc Prep Fee for LenderSellerBuyerBuyer
Underwriting Fee for LenderSellerBuyerBuyer
Annual TaxesSellerSellerSeller
CommissionsSellerSellerSeller
Wire Processing $25SellerSellerSeller
Courier Fee Payoff $25SellerSellerSeller
Courier Fee Loan Package $25SellerBuyerBuyer
Local Courier Processing Fee $15SellerBuyer or SellerBuyer or Seller
E recording Mailing and
Processing Fee $10BuyerBuyerBuyer

The above items are customary; some items are negotiable per contract. Courtesy of Empire Title, Colorado Springs, Co

Questions? Email (susanna@co-regroup.com), call or text (719-321-0800) or click the picture below to schedule a free 30 minute Q&A call:

Click here to schedule your free personalized Q&A call with Susanna Haynie

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