Closing Costs

These are a bundle of fees associated with the buying or selling of a home. Specific fees are automatically assigned to either the buyer or the seller while other costs may be either negotiable or dictated by local custom.

BUYER COSTS: When a buyer applies for a loan, a lender is required to provide them a good-faith estimate of the closing costs involved. The fees will vary according to several factors, including the type of loan involved and the terms of the purchase agreement. In addition, some of the closing costs, particularly those associated with the loan application, will be paid in advance. Additional buyer closing costs may include:

SELLER COSTS: If the seller does not own the home in full, the seller's highest priority closing cost is satisfying the remaining balance of their loan. Before the closing date, the escrow officer will contact the seller's lender to confirm the amount needed to close out the loan.

Then, along with any other fees, the original loan will be paid off at the closing prior to the seller receiving any proceeds from the sale. Additional seller closing costs may include: