Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.
 

 

BUYER COSTSELLER COSTOTHER

Down payment

   

Loan origination

   

Points paid to receive a lower interest rate

   

Home inspection

   

Appraisal

   

Credit report

   

Mortgage insurance premium

   

Escrow for homeowners insurance (if paid as part of the mortgage*)

   

Property tax escrow (if paid as part of the mortgage*)

   

Deed recording

   

Title insurance policy premiums

   

Land survey

   

Notary fees

   

Home warranty

   

Proration** for your share of costs (such as utility bills and property taxes)

   

* Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.

** Because such costs are usually paid on either a monthly or a yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way to even out bills sellers may have paid in advance, or that you may later pay for services they used.