Standard Allocation of Closing Fees | Buyer & Seller Closing Costs

Dated: March 11 2022

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What are closing costs?

Closing costs are fees and charges due at the closing of a real estate transaction. Please keep in mind that closing costs are unique for buyers and sellers in every transaction. 

Buyer Closing Cost:

• 40% of the premium for standard coverage title insurance and any additional cost relating to the issuance of extended coverage policy
• Lenders Policy
• 50% of Escrow Fee
• Cost of drafting mortgage or agreement of sale
• Cost of obtaining Buyers consent
• Buyer’s notary fees
• All recordings fees except documents relating to clear Seller’s title
• Condominium and Association ownership transfer fee
• FHA or VA discount points and any mortgage fees

Seller Closing Costs:

• 60% of the premium for standard coverage title insurance
• 50% of Escrow Fee
• Cost of drafting conveyance documents and bill of sale
• Cost of obtaining Seller’s consent
• Seller’s notary fees
• Cost of required staking or survey
• Cost of required termite inspection report
• Cost of required Condominium and Association documents
• Recording fees to clear Seller’s title
• FHA or VA mandatory closing fees
• Conveyance Tax
• FIRPTA (Federal withholding tax)
• HARPTA (State withholding tax)

Information courtesy of Old Republic Title.

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Gabriela Ramirez

Creative at heart, Gabriela enjoys free diving, boating, shelling, ceramics, painting, music, and photography. She manages to use her creative skills in the Real Estate industry by analyzing every ave....

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