Who Pays for What at Closing

The buyer can normally be expected to pay for the following:

  • Lender’s title-policy premium—American Land Title Association (ALTA).
  • Recording charges for all documents in buyers’ names.
  • All new loan charges (except those required of the seller by the lender).
  • Interest on a new loan from date of funding to 30 days prior to first payment date.
  • Home warranty according to contract.
  • Fire-insurance premium for the first year.
  • Home inspection.
  • Reserve account for taxes and insurance.
  • Flood-certification fee.
  • Termite inspection, according to the contract.

The seller can normally be expected to pay for the following:

  • Real estate commission.
  • Payoff of all loans in seller’s name.
  • Fees, re-conveyance fees, and prepayment penalties.
  • Home warranty according to the contract, if any.
  • Any judgments, tax liens, etc., against the seller.
  • Recording fees to clear all documents of record against the seller.
  • Tax pro-ration. This is for any unpaid taxes at the time of transfer of title.
  • Any unpaid homeowner-association dues.
  • Any assessments according to the contract.
  • Any and all delinquent taxes per the contract.
The data relating to real estate on this Web site derive in part from the Carolina Multiple Listing Services, Inc. IDX program. Brokers make an effort to deliver accurate information, but buyers should independently verify any information on which they will rely in a transaction. All properties are subject to prior sale, change or withdrawal. Neither First Properties of the Carolinas nor any listing broker shall be responsible for any typographical errors, misinformation, or misprints, and they shall be held totally harmless from any damages arising from reliance upon this data. This data is provided exclusively for consumers’ personal, non-commercial use and may not be used for any purpose other than to identify prospective properties they may be interested in purchasing. © 2012 Carolina Multiple Listing Services, Inc.