January 25, 2015

Who pays for what?

Buyer & Seller Costs in a Real Estate Transaction

What are my closing costs going to be? How much is a survey? What do I have to pay for?

Every transaction is unique however this is a list of typical cost(s) and responsible party in a transaction. Of course, your Realtor and lender can help you with more accurate estimations as the transaction progresses. Hopefully someone will find this list helpful with estimated cost(s) projections.

Estimated Cost(s)

Seller pays for:                                                           Approximate amount:

Commission                                                               5-10% of the purchase price

Deed Preparation                                                      $95-150

Revenue Stamps                                                        $2 per $1000 of the purchase price

Release of Sellers Mortgage                                    $35-45

Federal Express                                                         $35-40

Home Warranty                                                         $400-500

Buyer pays for:                                                           Approximate amount:

Earnest Money                                                          typically 1% of offer price

Appraisal                                                                    $400-500

Credit Report                                                             $30

Home Inspection                                                       $350-450 (based on square footage)

Origination Fee                                                          1% of the loan amount (can vary)

Discount Points                                                          a % of the amount/type of loan

Attorney Fee                                                               $500-600

Termite Inspection                                                    $75-100

HVAC Inspection                                                       $85-100

Survey                                                                           $300-700 (depending on size)

Flood Certification                                                     $12-30

Recording Fee                                                             $90-125

Title Insurance                                                            $2 per $1000 of the purchase price

HOA Dues                                                                    Prorated from date of closing

Federal Express                                                          $35-40

Commitment Fee                                                       $450

Document Preparation                                             $75-100

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