Who Pays For What?

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Common Closing Cost:

A common question asked during the process of buying or selling a home, is: “Who Pays for What?” The answer depends on the properties location. For example, transfer stamps can vary by county and city and whether the buyer, the seller or both are responsible. The terms of the purchase contract govern all additional fees required to purchase a home. Your agent can provide you with a seller’s net sheet before you enter into any transaction. The list below will give you an idea of what to expect.

 

LINE ITEM

TYPICAL COST

WHO PAYS?

COMMISSION 6% OF PURCHASE PRICE SELLER
APPRAISAL $250 – $500 BUYER
CREDIT REPORT $30 – $75 PER BORROWER BUYER
INSPECTION FEE $350+/VISIT BUYER
LENDER-DIRECT UNDERWRITING FEE $750 – $1,000 BUYER
PROCESSING FEE $150 BUYER
FLOOD CERTIFICATE $50 – $100 BUYER
TAX SERVICE $85 – $200 BUYER
ATTORNEY FEE $600-$1,000+ BOTH
SETTLEMENT CLOSING $250-$1,000 BUYER
TITLE INSURANCE (BUYER) $250-$1,000 BUYER
TITLE INSURANCE (SELLER) $300-$2,000 SELLER
RECORDING FEE $75-$250 BOTH
STATE TRANSFER TAX $1.50 PER $1,000 SELLER
COUNTY/CITY TRANSFER TAX $3.00 PER $1,000 SELLER
CHICAGO CITY TRANSFER TAX* $7.50 PER $1,000 BUYER
SURVEY $500 – $1,000 SELLER
INTEREST PER DAY LOAN AMOUNT X RATE/365 BUYER
ESCROW TAXES 1-5 MOS. (IF APPLICABLE) BUYER
ESCROW INSURANCE 1-5 MOS. (IF APPLICABLE) BUYER
TAX PRORATION 105 – 110% OF LAST TAX BILL SELLER


ESTIMATED CLOSING COSTS COURTESY OF GUARANTEED RATE®. Prices subject to change. Actual costs vary per lender, loan amount, property type and other factors. *Property transfer taxes vary per local jurisdiction or township. Please consult your real estate attorney to obtain the best possible estimate for property taxes and other closing costs.