Closing Costs – Homeowner Manual
Whether you’re a first-time homeowner or a third-time homeowner, it’s important that you take the time to sort through any possible confusion you may have.
With AmeriTitle’s Buyer-Seller Guide, we can aid you through this exciting and (somewhat) complicated process. So, let’s go through the “What, “Who,” and “When” of closing costs.
Other than the down payment and cost of the property, closing costs are additional fees that need to be paid at the time of closing.
This may involve:
Escrow fees, title insurance premiums, tax prorations, loan fees, deed recording fees, real estate commissions, and more.
There are many differences that can play out between a buyer and a seller when it comes to closing costs. What’s listed below is “standard,” but it’s important to understand that this might not always look the same for each party in each transaction.
|The Buyer Pays for:||The Seller Pays for:|
|The lender’s title |
|Owner’s title insurance premiums|
|Escrow fees||Escrow fees|
|Real estate commission|
|Tax proration||Document recording and release fee for |
|HOA prorates and|
|Any loan fees required by buyer’s lender|
|All new loan |
|Payoff of all loans in seller’s name or against the|
|Fire premium |
the first year
|Interest accrued by lender being paid off, |
statement fees, etc.
|Any judgements, tax liens, etc. against the seller|
|Any and all delinquent taxes|
You’ve signed the papers! Time to move in, right?
Well…not yet, exactly. Most buyers anticipate receiving their keys the day of closing; however, this usually doesn’t happen until a day, or a few days, after signing.
The transaction does not ‘close’ until all the funds have been cleared and provided to the title company, and the deed to transfer title is recorded at the country courthouse.
So – there you have it! While this process might be a bit hectic, it’s important to feel confident in your transaction and to have a great team behind you.
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