Share
Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.
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BUYER COST |
SELLER COST |
OTHER |
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Down payment |
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Loan origination |
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Points paid to receive a lower interest rate |
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Home inspection |
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Appraisal |
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Credit report |
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Mortgage insurance premium |
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Escrow for homeowners insurance (if paid as part of the mortgage*) |
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Property tax escrow (if paid as part of the mortgage*) |
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Deed recording |
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Title insurance policy premiums |
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Land survey |
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Notary fees |
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Home warranty |
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Proration** for your share of costs (such as utility bills and property taxes) |
* Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
** Because such costs are usually paid on either a monthly or a yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way to even out bills sellers may have paid in advance, or that you may later pay for services they used.