Who Pays for What?

Seller is responsible for… Cost to sell: 7.5 to 8% of listing price 

  • Owner’s title insurance policy
  • 1/2 of closing fee
  • Title commitment
  • Pay off existing mortgage(s)
  • Penalty for paying mortgage in full (if valid)
  • Real estate broker professional fee
  • Recording fee
  • Survey (unless you already have one that lender can accept)
  • Doc preparation fees
  • Current utility balances
  • Pay off leased fixtures
  • Termite inspection
  • Septic evaluation and pumping (if applicable)
  • Pro-rated property taxes
  • Pro-rated HOA dues (if applicable)
  • Homeowner’s association fees (if applicable) and perhaps transfer as well
  • Miscellaneous HOA fees (if applicable)
  • Resale Certificate (if applicable)
  • Gross Receipt Service Tax
  • ***************FHA/VA financing fees may apply to seller

Buyer is responsible for…Cost to buy: 1.75 to 2.75% of listing price 

  • Lender’s title insurance policy
  • 1/2 of closing fee
  • 1st-year fire insurance
  • 1st-year flood insurance (if applicable)
  • Flood certificate (seller paid if VA)
  • Hazard insurance (1st year’s premium)
  • Home inspection and WELL inspection (if applicable)
  • Property taxes registration (seller paid if VA)
  • Pro-rated taxes for the year
  • Courier fee
  • Document preparation fee
  • Recording fee
  • Home owner’s dues from time of purchase on
  • Homeowner’s transfer fee (if applicable and seller is not required to pay)
  • Lender Fees: Private mortgage insurance, Loan origination fee, Appraisal, Credit report, Pre-paid interest.