Some fees are determined by sales price and/or loan amount. Payments of fees can be negotiated within contract.
Seller is Responsible for…
- Owners title insurance policy
- 1/2 escrow fee
- Excise tax
- Real estate commissions
- Utility payoff
- Loan balances
- Doc preparation fees – power of attorney, etc
- Misc. fees (wire, courier, signing fees)
- Pro-rated property taxes
- Home warranty (Nor’West clients FREE)
- Homeowners association fees
- FHA/VA fees if applicable
Buyer is responsible for…
- Lender’s title insurance policy
- 1/2 escrow fee
- Recording fee
- Survey if needed
- Fire insurance
- Flood insurance (if applicable)
- Doc preparation fees – quit claim deed, etc
- Misc. fees (wire, courier, signing fees)
- Pro-rated property taxes
- Home warranty (Nor’West clients FREE)
- Homeowners association fees
- Property Inspection (Nor’West clients FREE)
- Lender fees including:
- Appraisal
- Credit report
- Loan origination
- Loan interest
- Private mortgage insurance
Closing costs are the expenses incurred by buyers and sellers for the services of various real estate and lending related professionals when transferring ownership of a property.
The closing is the ?nal step of the home buying process. Once everything has been cleared by the underwriter, the closing department and the title company will work together to get your Closing Disclosure ready to be signed at closing. Your Closing Disclosure details all of the financial pieces of the transaction for you as the buyer; it may also show credits the seller is giving (if applicable).