The answers will vary by county ordinances and standard practices. What is listed below are “customary” practices. All fees charged are governed by terms of the Residential Purchase Agreement and other written escrow instructions.
Sellers Generally Pay
- Real estate commission
- Escrow Fees (usually shared with buyer)
- Document transfer tax ($1.10 per $1,000 of sales price)
- Notary fees
- Property tax proration (to date of acquisition)
- Special delivery/courier fees, if required
- Inspection fees according to contract (i.e. termite is customary)
- Document preparation fees
- Document recording charges
- Homeowner’s association statement fee and pro-rata dues
- Home warranty (according to contract)
- Work/repairs required (according to contract)
- Matters of record against the property or seller (loans, tax liens, judgments, etc.) and fees required to clear them (statement fees, reconveyance/trustee fees and prepayment penalties)
- Bonds and assessments (according to contract)
- Title policy (Buyer is customary)
Buyers Generally Pay
- Title insurance policy premiums (lender’s and/or buyer’s)
- Escrow fees (usually shared with seller)
- Notary fees
- Property tax proration (from acquisition date)
- Special delivery/courier fees, if required
- Document preparation fees
- Document recording charges
- Homeowner’s association transfer fee and pro-rata dues
- City costs
- Home warranty (according to contract)
- Inspection fees (according to contract)
- Matters of record against the buyer including tax liens, judgments and fees required to clear them
- Fire insurance premium for the first year
- Assumption/change of records fees if the buyer is taking over an existing loan
- Lender’s new loan charges
- Interest on new loan from date of funding to 30 days prior to the first payment
- Other proration (rents, insurance etc.) if applicable