{"id":48168,"date":"2021-01-14T15:47:52","date_gmt":"2021-01-14T23:47:52","guid":{"rendered":"https:\/\/www.movoto.com\/blog\/?p=48168"},"modified":"2022-04-19T23:09:59","modified_gmt":"2022-04-20T06:09:59","slug":"closing-costs-what-are-they-and-who-pays","status":"publish","type":"post","link":"https:\/\/www.movoto.com\/blog\/closing-costs-what-are-they-and-who-pays\/","title":{"rendered":"Who pays closing costs and what are they?"},"content":{"rendered":"

Who pays for closing costs?<\/span><\/h1>\n

If you\u2019re a first-time homebuyer<\/a>, you\u2019re probably hearing a lot about closing costs as you advance further in the process. These costs usually amount to approximately 2% to 5% of the value of your entire loan. So, if you\u2019re buying a $350,000 house and putting 20 percent down:<\/span>
\nHome Cost:<\/b> $350,000
\n<\/span>20% Down Payment:<\/b> $70,000
\n<\/span>Loan Amount:<\/b> $280,000
\n<\/span>Estimated Closing Costs: <\/b>$5,600\u2013$14,000<\/span>
\nIt may seem like a large, unexpected expense, but it is essential to properly close on a home. Buying a home<\/a> requires a lot of moving parts, which leads to additional expenses, from taxes and inspections to lender fees and legal costs. Understanding what these expenses are and who is responsible for them will ensure your closing goes smoothly and you aren\u2019t blindsided by any unexpected fees.\u00a0<\/span>
\nYou should know that you have the right to ask your lender and title company for an itemized breakdown of your closing costs. This is important in not only understanding what you are paying but ensuring you have time to spot any errors before your closing date.\u00a0<\/span>
\nHere is a list of the common closing fees you will pay when you buy a home.<\/span><\/p>\n

Title Fees<\/span><\/h2>\n

Title company fees cover all the paperwork, funds, and legal requirements to transfer ownership of the home. This usually constitutes the bulk of your closing costs. In addition to the below costs, they may include miscellaneous costs such as a notary, courier fee, and title search.\u00a0<\/span><\/p>\n

Title Transfer Tax and Recording Fees<\/span><\/h3>\n

You pay a title tax when the property\u2019s title is transferred from the seller to you. Recording fees are paid to the local government agency that handles rewriting these records to reflect you as the new owner.<\/span>
\nWho Pays: <\/b>Usually buyer, but negotiable<\/span><\/p>\n

Escrow Fee or Closing Fee<\/span><\/h3>\n

This is paid to the escrow agent<\/a> for holding all of the funds in escrow until the closing is complete. The escrow agent acts as a neutral third party who collects all the funds and doesn\u2019t release them to everyone they are owed to until the transaction is completed to ensure everything is fair and each party is happy before any money is exchanged.<\/span>
\nWho Pays: <\/b>Usually split between buyer and seller, but negotiable<\/span><\/p>\n

Owner\u2019s Title Insurance<\/span><\/h3>\n

This covers you if someone, for any reason, challenges your right to ownership of the property, which is a surprisingly common occurrence.\u00a0<\/span>
\nWho Pays: <\/b>Usually seller<\/span><\/p>\n

Lender\u2019s Title Insurance<\/span><\/h3>\n

This covers the lender in case a lien or dispute that wasn\u2019t caught in the initial title search arises.<\/span>
\nWho Pays: <\/b>Usually buyer<\/span><\/p>\n

Mortgage Fees<\/span><\/h2>\n

\"Who
\nThese are all the costs related to executing your loan<\/a>.<\/span><\/p>\n

Underwriting Fee and Processing Fee<\/span><\/h3>\n

These are fees your lending institution charges to research whether or not to approve your loan (underwriting fee) and to process the information from your loan application (processing fee).<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Brokerage Fee<\/span><\/h3>\n

If you work with a broker, this is the commission the broker charges for executing your loan. It\u2019s usually between 0.5% to 2% of the loan amount.<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Prepaid Loan Interest<\/span><\/h3>\n

This is the interest that accrues on your loan before you make your first mortgage payment. Even if your first loan payment isn\u2019t due for another 30 days, the clock is already running on the loan\u2019s interest once you close the loan, so you may be required to pay this in advance.<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Loan Discount Points<\/span><\/h3>\n

If your loan has points, this is a percentage you pay upfront to lower your interest rate. Each \u201cpoint\u201d is equal to one percent of the total loan. Not all loans have points.<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Private Mortgage Insurance<\/span><\/h3>\n

If you put less than 20 percent down, your loan will be considered higher risk to the lender and you will be required to get private mortgage insurance<\/a> (PMI) to protect the lender\u2019s investment. This will be a recurring monthly payment that is calculated based on a percentage of your loan balance each year (usually between 0.25% and 2.5%). At closing, you will have to pay part of your PMI premium.<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Attorney Fees<\/span><\/h3>\n

Depending on the complexity of the sale and the laws in your state, you, the seller, and the lender will all have an attorney, some of you will have one, or no one will have one. While not all states require you to have a real estate lawyer, it\u2019s advisable to hire one, especially if you\u2019re buying without the help of an agent. They will help you navigate the paperwork and understand what everything you\u2019re signing means. In some cases, you may be on the hook for your lender\u2019s attorney fees as well.\u00a0<\/span>
\nWho Pays: <\/b>Buyer (seller pays for their own lawyer if they have one)<\/span><\/p>\n

Property Fees<\/span><\/h2>\n

\"Who
\nThese are all closing costs related to the property itself. Most sales can\u2019t move forward until the property meets the below contingencies.<\/span><\/p>\n

Inspection<\/span><\/h3>\n

An inspection<\/a> of the property is required to ensure that it doesn\u2019t have any large issues that affect the value of the home. This is also an opportunity for the buyer and seller to negotiate who will cover any necessary repairs before closing.<\/span>
\nWho Pays: <\/b>Usually buyer, but negotiable<\/span><\/p>\n

Appraisal<\/span><\/h3>\n

An appraiser will confirm the fair market value<\/a> of your home. This is required by the lender to ensure they can recoup their investment if you default on the loan. However, it\u2019s important for everyone to be on the same page about the value of the property.<\/span>
\nWho Pays: <\/b>Usually buyer, but negotiable<\/span><\/p>\n

Survey Fee<\/span><\/h3>\n

A surveyor will visit the property and confirm the boundaries of the property, that it meets zoning regulations, that no neighbors are infringing on the property, and check that the property meets its legal description. This may not be required in your state.<\/span>
\nWho Pays: <\/b>Usually buyer, but negotiable<\/span><\/p>\n

Flood Certification Fee<\/span><\/h3>\n

This nominal fee will determine if the property lies in a flood zone. If it is, you may be required to purchase additional flood insurance.<\/span>
\nWho Pays: <\/b>Usually buyer, but negotiable<\/span><\/p>\n

Taxes, Insurance, and Recurring Fees<\/span><\/h2>\n

These are recurring fees that you will have to continue to pay for as long as you own the property. The first payment will be due at closing.<\/span><\/p>\n

Escrow Deposit<\/span><\/h3>\n

If you choose to have an escrow account connected to your loan, you will pay your lender extra each month and they will handle your tax and insurance payments for you. Otherwise, you are responsible independently for paying taxes and insurance.\u00a0<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Property Tax<\/span><\/h3>\n

If you choose not to have an escrow account and pay your property taxes yourself, you usually have to pay your county\u2019s taxes\u2014based on your home\u2019s appraised value\u2014six months in advance.\u00a0<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Homeowner\u2019s Insurance<\/span><\/h3>\n

If you choose not to have an escrow account and pay your homeowner\u2019s insurance<\/a> yourself, you usually have to pay for the first six to 12 months at closing. You can also choose to pay this before closing directly to your insurance company.<\/span>
\nWho Pays: <\/b>Buyer<\/span><\/p>\n

Homeowner Association Transfer Fees and Dues<\/span><\/h3>\n

If your property is controlled by a homeowner association (HOA)<\/a>, they will charge a fee to transfer ownership of the property to you. You will also have to prepay any HOA dues that they require at closing.<\/span>
\nWho Pays: <\/b>Seller covers transfer fees, buyer covers HOA dues<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Who pays for closing costs? If you\u2019re a first-time homebuyer, you\u2019re probably hearing a lot about closing costs as you advance further in the process. These costs usually amount to approximately 2% to 5% of the value of your entire loan. So, if you\u2019re buying a $350,000 house and putting 20 percent down: Home Cost: $350,000 20% Down Payment: $70,000 Loan Amount: $280,000 Estimated Closing Costs: $5,600\u2013$14,000 It may seem like a large, unexpected expense, but it is essential to properly close on a home. Buying a home requires a lot of moving parts, which leads to additional expenses, from […]<\/p>\n","protected":false},"author":3,"featured_media":48492,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[223,63],"tags":[49,161,95,157,180,105,153,181,182,183,184,185,121],"class_list":["post-48168","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying","category-finance","tag-buying-a-home","tag-closing","tag-closing-costs","tag-equity","tag-escrow","tag-home-buying-tips","tag-home-inspection","tag-loan-interest","tag-mortgage-calculator","tag-title","tag-title-company","tag-transfer-tax","tag-unexpected_costs","post--single"],"yoast_head":"\nWho pays closing costs and what are they?<\/title>\n<meta name=\"description\" content=\"If you\u2019re a first-time homebuyer, you\u2019re probably hearing a lot about who pays closing costs as you advance further in 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