Buyer and Seller Closing Costs 

The process of closing a real estate transaction can be both complicated and difficult to understand. Though this is by no means a full synopsis, it is a preview of the closing costs that are necessary and who is to pay them.

 Seller Closing Costs to Expect 

-The title insurance fees depend on the sales price of the property.

-The broker's commission is a full service fee. It will typically cost somewhere between 5% to 7%.

-Sellers also pay for local property transfer tax, country transfer tax, state transfer tax, and state capital gains tax.

-FHA fees and costs are all fees that are now negotiable between an FHA buyer and seller.

-Home inspection fees are in some circumstances paid for by the seller and include pest, radon and other inspections.

-Various miscellaneous fees can accrue from correcting problems that are addressed during the home inspection. 

 Buyer Closing Costs to Expect

-The lender fees include charges for loan processing, underwriting, preparation and establishing an escrow account.

-Third-party fees include charges for insurance, title search, and other inspections such as for termites.

-The necessary government fees include deed recording and state & local mortgage taxes.

-The escrow and interest fees include homeowner's insurance, loan interest, real estate taxes. and sometimes private mortgage insurance.

-Also, you should find out how much your closing costs could be.

Miguel Ogas (540) 420-5670