Page 37 - CTT buyer Seller 2021_English_Flipbook_1

CLOSING COST AND WHO PAYS WHAT
CHICAGO TITLE CALIFORNIA BUYER & SELLER GUIDE
Closing costs are what the buyer and seller will pay as part of the escrow transaction. Some fees are negotiable between the seller and buyer as to “who pays what.” Below is an example of some typical closing costs which may vary from county to county.*
Seller’s Typical Costs
• Real Estate Commission
• Disclosure Reports – Natural hazard report
• Home Warranty, Existing Encumbrances
• Property Inspections, Pest Inspection Correction – Termite report
• Transfer Tax – City/County conveyance tax
Buyer’s Typical Costs
• Appraisal – One-time fee for new loan
• Credit Report – For loan application
• Homeowner’s Insurance – Paid by buyer for fire hazard insurance
• Loan Fees – Origination and processing fees charged by lender
• PMI – Some lenders require Private Mortgage Insurance
• Prepaid Interest – Prorated depending on time of month the loan closes
Paid by Both or Either Party
• Attorney Fees, Courier/Delivery Fees, Document Preparation–For deed(s) and other legal documents required to consummate the transaction
• Escrow Fee – Often split between buyer and seller
• Homeowner’s Association (HOA) Dues and Transfer Fees
• Notary Fees – To witness documentation
• Recording Fees – To file legal documents with County Recorder
• Property Taxes
• Owner’s Title Insurance Premium
• Lender’s Title Insurance Premium
*This list is an example only of typical closing costs
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