Clowing Costs Who Pays What

This chart indicates who usually pays what closing costs. Closing costs aren't set in stone and not all the costs listed below apply to every transaction. You and your Realtor/Broker should discuss the closing costs that relate to your specific real estate transaction.

 

TYPE OF FINANCING

CASH

FHA

VA

CONV

1. Downpayment

BUYER

BUYER

BUYER

BUYER

2. Termite (Wood Infestation) Inspection
(negotiable except on VA)

   

SELLER

 

3. Property Inspection (if requested by Buyer)

BUYER

BUYER

BUYER

BUYER

4. Property Repairs, If Any (negotiable)

SELLER

SELLER

SELLER

SELLER

5. New Loan Origination Fee (negotiable)

 

BUYER

BUYER

BUYER

6. Discount Points (negotiable)

 

BUYER

BUYER

BUYER

7. Credit Report

 

BUYER

BUYER

BUYER

8. Appraisal or Extension Fee (negotiable)

 

BUYER

BUYER

BUYER

9. Existing Loan Payoff

SELLER

SELLER

SELLER

SELLER

10. Existing Loan Payoff Demand

SELLER

SELLER

SELLER

SELLER

11. Loan Prepayment Penalty, If Any

SELLER

SELLER

SELLER

SELLER

12. Next Month’s PITI Payment

 

BUYER

BUYER

BUYER

13. Prepaid Interest (approx. 30 days)

 

BUYER

BUYER

BUYER

14. FHA MIP, VA Funding Fee, PMI Premium

 

BUYER

BUYER

BUYER

15. Assessments Payoff or Proration
(sewer, paving, etc.) (negotiable)

EITHER

EITHER

EITHER

EITHER

16. Taxes

PRORATE

PRORATE

PRORATE

PRORATE

17. Tax Impounds

 

BUYER

BUYER

BUYER

18. Tax Service Contract

 

SELLER

SELLER

BUYER

19. Fire / Hazard Insurance

BUYER

BUYER

BUYER

BUYER

20. Flood Insurance (if applicable)

BUYER

BUYER

BUYER

BUYER

21. Homeowners Association (HOA) Transfer Fee
(negotiable)

EITHER

EITHER

EITHER

EITHER

22. HOA / Disclosure Fee (negotiable)

EITHER

EITHER

EITHER

EITHER

23. Current HOA Payment

PRORATE

PRORATE

PRORATE

PRORATE

24. Next Month’s HOA Payment

BUYER

BUYER

BUYER

BUYER

25. Home Warranty Premium (negotiable)

EITHER

EITHER

EITHER

EITHER

26. Real Estate Agent/Broker Commissions

SELLER

SELLER

SELLER

SELLER

27. Owner’s Title Policy

SELLER

SELLER

SELLER

SELLER

28. Lender’s Title Policy and Endorsements

 

BUYER

BUYER

BUYER

29. Escrow Fee (NOTE: Charge Seller on VA Loan)

SPLIT

SPLIT

SELLER

SPLIT

30. Recording Fee (negotiable)

EITHER

EITHER

EITHER

EITHER

31. Reconveyance / Satisfaction Fee

SELLER

SELLER

SELLER

SELLER

32. Courier / Express Mail Fees

SPLIT

SPLIT

SELLER

SPLIT

This information provided by First American Title Insurance Company