This chart indicates who customarily pays what closing costs. Closing costs are not set in stone and not all listed below apply to every real estate transaction. You and your Realtor should discuss closing costs that relate to your specific transaction.
TYPE OF FINANCING |
CASH |
FHA |
VA |
CONV |
|
1. Downpayment |
BUYER |
BUYER |
BUYER |
BUYER |
|
2. Termite (Wood Infestation) Inspection |
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 |
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 |
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