There are many different charges when buying or selling a home…from Taxes, commissions, title insurance and much more. Not sure who pays for what?
Check out the table below for a brief summary of “Who pays for what” Note, this is not an all inclusive list, and is just an estimate, but it is a great resource to help figure it all out.
Buyer Charges – many of these items go into what is called the Buyers Closing Costs, typically a buyer will need $3500-$4000 to cover their closing costs – this is in addition to their Down Payment.
Buyer Charges
| Appraisal Fee | $450-$600 |
| Credit Report per Borrower | $70-$100 |
| Underwriting Fee | $800-1100 |
| Fraud Review Fee | $140 |
| Annual Home Owners Insurance | $800-1400 |
| 3 Months Property Insurance for Escrow | $250-$500 |
| Title Company Closing Fee | $200-400 |
| Lender Title Policy Coverage | $200 |
| Title Recording Fees | $100 |
| Title Closing Protection Letters | $30 |
| Title Endorsements | $50-$200 |
| Broker Documentation Fee | $350 |
| HOA Transfer IN Fees | $75-$150 |
| Down Payment – Varies Greatly | Buyer |
| Home Inspections | $400-$700 |
Seller Charges – as with most things, many of these charges are negotiable items on the purchase agreement and or listing contract, but the list below will give you a general overview on the typical charges that a seller pays.
Seller Charges
| Realtor Commissions | 6-7% of purchase Price |
| Property Taxes | 12-18 Months at current rate |
| Title Policy | $600-$1000 |
| Title Closing Fee | $200-$400 |
| Title Recording Fee | $100 |
| Property Survey | $200 |
| Broker Documentation Fee | $350 |
| Deed and Affidavit Fee | $75 |
| Title Search and Exam Fee | $325 |
| Closing Protection Letter | $30 |
| HOA Transfer Out Fee | $75-$150 |