Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.
|
BUYER COST |
SELLER COST |
OTHER | |
|
Down payment | |||
|
Loan origination | |||
|
Points paid to receive a lower interest rate | |||
|
Home inspection | |||
|
Appraisal | |||
|
Credit report | |||
|
Mortgage insurance premium | |||
|
Escrow for homeowner’s insurance | |||
|
Property tax escrow (if paid as part of the mortgage*) | |||
|
Deed recording | |||
|
Title insurance policy premiums | |||
|
Land survey | |||
|
Notary fees | |||
|
Home warranty | |||
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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 yearly basis, the buyers may have to pay a bill for services that you actually used before moving, or vice versa. Proration is a way to even out bills you may have paid in advance, or that buyers may later pay for services you used.