Closing Costs

Buyers

A buyer can expect on average to pay around 3% in closing costs.  Buyers closing costs consist of lenders fees including a lender origination fee, credit report fee, lender title policy fee, and an appraisal fee. Buyers will also have an escrow fee and a recording fee.  Pre payments are also collected for property tax and homeowners insurance.

Sellers

Sellers can expect to pay around 9% of the selling price in closing costs.  A majority of the sellers closing costs come for real estate agent fees.  The seller normally pays the buyer’s agent fee and the listing agent’s fee.  When selling a home a seller will also have to pay excise tax which is 1.78% of the selling price.  Other fees will be the buyer’s title policy, escrow, and recording fees.