CLOSING COSTS: WHO PAYS ON PURCHASES?

By
Real Estate Broker/Owner with Texas Five Star Realty, Plano Texas
CLOSING COSTS: WHO PAYS ON PURCHASES?  
The closing costs stated herein are typical for residential closings. The actual closing types and costs will vary
 
 depending upon the circumstances of each individual transaction.         
To get an estimate of closing charges for buyers and/or Sellers please visit :        
 http://www.texasfivestarrealty.com/Estimate_Closing_Cost.asp           
             TYPE OF THE LOAN  
Table is a representation of who customarily pays each cost CASH FHA VA CONVENTION  
1.   Down payment  BUYER BUYER BUYER BUYER  
2,  Termite (wood Infestation) Inspection BUYER BUYER SELLER BUYER  
3    Properly inspection BUYER BUYER BUYER BUYER  
4     Property Repairs, if any (negotiable) SELLER SELLER SELLER SELLER  
5     New Loan Origination Fee (negotiable)   BUYER BUYER BUYER  
6     Document Preparation Fee • Loan Package   BUYER BUYER BUYER  
7     Document Preparation Fee - Warranty Deed SELLER SELLER SELLER SELLER  
8     Credit Report   BUYER BUYER BUYER  
9     Appraisal or Extension Fee (negotiable)   BUYER BUYER BUYER  
10. Existing Loan Payoff SELLER SELLER SELLER SELLER  
11, Existing Loan Payoff Demand SELLER SELLER SELLER SELLER  
12   Prepaid Interest (approximately 30 days)   BUYER BUYER BUYER  
13   FHA MIP, VA Funding Fee, PMI Premium   BUYER BUYER BUYER  
14. Property Taxes PRORATE PRORATE PRORATE PRORATE  
15. Tax Impounds   BUYER BUYER BUYER  
16. Tax Service Contract   BUYER SELLER BUYER  
17. Fire/Hazard insurance BUYER BUYER BUYER BUYER  
18. Flood Insurance   BUYER BUYER BUYER  
19. Homeowners Association (HOA) Transfer Fee (negotiable) BUYER BUYER BUYER BUYER  
20   HOA Statement of Accounts SELLER SELLER SELLER SELLER  
21   Delinquent HOA Assessments SELLER SELLER SELLER SELLER  
22   Delinquent Property Taxes SELLER SELLER SELLER SELLER  
23, Home Warranty Premium (negotiable) SELLER SELLER SELLER SELLER  
24, REALTORS Commissions SELLER SELLER SELLER SELLER  
25. Owners Title Policy (negotiable) SELLER SELLER SELLER SELLER  
26, Lender's Title Policy and Endorsements   BUYER BUYER BUYER  
27. Escrow Fee (NOTE Charge Seller on VA loan) SPLIT SPLIT SELLER SPLIT  
28   Recording Fees (Flat Rate) SPLIT SPLIT SPLIT SPLIT  
29   Courier/Express Mail Fee SPLIT SPLIT SELLER SPLIT  
           
Note Prorated Items will appear on Closing Statement (HUD1) as charges for one and credits for the other
           
The closing costs stated herein are typical for residential closings. The actual closing types and costs will vary
 
 
 depending upon the circumstances of each individual transaction.         
To get an estimate of closing charges for buyers and/or Sellers please visit :        
 http://www.texasfivestarrealty.com/Estimate_Closing_Cost.asp           
           
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Topic:
Real Estate Best Practices
Location:
Texas Collin County
Tags:
closing costs
closing statement
hud1 statement
seller closing cost
buyer closing cost
who pays on purchases

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Rainmaker
1,282,130
Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

A good chart of seller and buyer expected costs. Good to pass onto clients, with some adjustments for your local state.

Dec 16, 2012 01:30 AM #1
Rainmaker
315,366
Bahman Davani, CM at Texas Five Star Realty, Plano, TX (214) 457-7055
Texas Five Star Realty, Plano Texas - Frisco, TX
Homes for Sale in Plano, Frisco, Prosper, Allen TX

Thank you very much. Yes, you are correct.

Dec 16, 2012 02:34 AM #2
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Rainmaker
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Bahman Davani, CM at Texas Five Star Realty, Plano, TX (214) 457-7055

Homes for Sale in Plano, Frisco, Prosper, Allen TX
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