Seller vs Buyer, who is responsible for just what when it comes to closing costs?
As a real estate expert in Boulder County for multiple years, I’ve noticed some of the most frequent questions have to do with who pays what at closing. Below are what you can expect to pay if you’re the seller or the buyer at closing.
The SELLER can generally be expected to pay for:
– Loan payoff (per existing lender’s payoff letter)Owner’s title policy premium
– Owner’s extended-coverage endorsement
– Record release of existing lien(s)
– Current year real-estate tax pro-ration (per contract)
– Prior year’s property taxes still due
– Water and sewer adjustments
– Homeowner’s association adjustments
– Real-estate closing fee (per contract)
– Commissions (per listing agreement)
– Courier fee
– Any other costs as outlined in real-estate contract
The BUYER can generally be expected to pay for:
– Mortgagee’s title policy and endorsements
– Record warranty deed
– Record deed of trust
– Tax certificate
– Courier fee
– State documentary fee
– Real-estate closing fee (per contract)
– Loan closing fee
– Tax service fee (lender charge)
– Full-year homeowner’s insurance escrow (lender charge)
– 2-3 months hazard insurance escrow (lender charge)
– Tax reserve (lender charge)
– Loan origination of discount fee (lender charge)
– Appraisal (lender charge)
– Credit report (lender charge)
– Lender document preparation (lender charge)
– Flood certification (lender charge)
– Mortgage insurance premium MIP or PMI (lender charge)
– Miscellaneous loan fees (lender charge)
– Survey/improvement location certificate
– Water and sewer adjustments (if applicable)
– Homeowner’s association adjustment (if applicable)
Cliff Daniels
Actprop.com
cliff@actprop.com
720 434 1418
Boulder Colorado
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