Utah County Homes for Sale - Closing Costs
Who pays for Closing Costs?
There have been times in the past that I have had clients come to closing not understanding what kind of money they would be required to pay. There are various fees associated with buying and selling a home. These fees are called closing costs. Some of these fees are automatically assigned to either the buyer or the seller, other costs are either negotiable or are dictated by local area custom.
Buyer Closing Costs
When the buyer applies for a home loan, loan officers are required to provide the borrower with a good faith estimate of their closing costs. These fees will vary depending on the type of loan and the terms of the purchase agreement. Some of the closing costs, especially those dealing with the loan application, are actually paid in advance. Some typical closing costs include:
Down payment, Loan fees (points, application fee and credit report), prepaid interest, Inspection fees, Appraisal, Mortgage Insurance, Hazard Insurance, Title Insurance
Seller Closing Costs
If the house has not yet been paid in full, the sellers most important closing cost is satisfying the remaining balance of their home loan. Before the date of closing, the escrow/title officer will contact the seller's lender to verify the amount needed to close out the loan. Then, along with any other fees, the original loan will be paid for at the closing before the seller receives any proceeds from the sale. Other seller closing costs include:
Broker commission, Transfer taxes, Title Insurance, Property Taxes (prorated), Negotiated Closing Costs
In addition to the sales price, buyers and sellers frequently include closing costs in their negotiations. This can be for both major and minor fees. For example, if a buyer is particularly nervous about the condition of the plumbing, the seller may agree to pay for the house inspection. Likewise, a buyer may want to save on up-front expenditures, and so agree to pay the sellers full asking price in return for the seller paying all the allowable closing costs. There is not right or wrong way to negotiate closing costs, just be sure all the terms are written down on the purchase agreement.
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