Potential Closing Items

Potential Closing Items

Below is a description of who customarily pays residential loan’s closing costs.  Each individual transaction will vary depending upon the circumstances.
  Cash FHA VA Convention
Down Payment Buyer Buyer Buyer Buyer
Termite Inspection Buyer Buyer Buyer Buyer
Property Inspection Buyer Buyer Buyer Buyer
Property Repairs, if any (negotiable)  Seller  Seller  Seller  Seller
New Loan Origination Fee (negotiable)   Buyer Buyer Buyer
Document Preparation Fee * Loan Package   Buyer Buyer Buyer
Document Preparation Fee – Warranty Deed Seller   Seller  Seller    Seller 
 Credit Report    Buyer  Buyer  Buyer
 Appraisal or Extension Fee (negotiable)   Buyer   Buyer Buyer 
 Existing Loan Payoff Seller  Seller   Seller  Seller 
 Existing Loan Payoff Demand  Seller   Seller  Seller  Seller 
 Prepaid Interest (approximately 30 days)    Buyer   Buyer  Buyer  
 FHA,MIP, VA Funding Fee, PMI Premium   Buyer 
 Buyer   Buyer  
 Property Taxes Prorate   Prorate   Prorate  Prorate  
 Tax Impounds    Buyer  Buyer   Buyer  
 Tax Service Contract    Buyer  Buyer  Buyer  
 Fire / Hazard Insurance   Buyer Buyer  Buyer  
 Flood Insurance   Buyer Buyer  Buyer  
 Homeowners Association (HOA) Transfer Fee (negotiable) Buyer  Buyer   Buyer Buyer 
 HOA Statement of Accounts  Seller   Seller  Seller  Seller 
 Delinquent HOA Assessments  Seller  Seller  Seller  Seller 
 Delinquent Property Taxes  Seller  Seller  Seller   Seller 
 Home Warranty Premium (negotiable) Seller   Seller  Seller   Seller 
 Realtors Commissions Seller  Seller   Seller   Seller 
 Owners Title Policy (negotiable)  Seller   Seller   Seller   Seller 
 Lender’s Title Policy and Endorsements   Buyer   Buyer Buyer 
 Escrow Fee Split Split Seller  Split
 Recording Fees (flat rate) Split Split  Split  Split
 Courier / Express Mail Fee  Split  Split Seller   Split