Who pays for what in a real estate transaction? Here’s a helpful guide
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A Guide to Closing Costs
Reviewing a HUD-1 at closing can be confusing at times. Click here to view a sample HUD-1 Settlement Statement that is color coded making it easier to understand how all the debits, credits and fees associated with your transaction are assigned and paid.
| Seller is responsible for... | Buyer is responsible for... |
| Owner's title insurance policy* | Lender's title insurance policy* |
| 1/2 escrow fee* | 1/2 escrow fee* |
| Excise tax* | Recording fees |
| Real estate commissions* | Surveys |
| Utility payoffs | 1st year fire insurance |
| Loan balances | 1st year flood insurance (if applicable) |
| Doc prep fees - power of attorney, etc. | Doc prep fees - quit claim deed, etc. |
| Misc. fees (wire, courier, signing fees) | Misc. fees (wire, courier, signing fees) |
| Pro-rated property taxes | Pro-rated property taxes |
| Home warranty (depends on contract) | Home warranty (depends on contract) |
| Homeowner's association fees: | Homowner's association fees: |
| Pro-rated association dues | Pro-rated association dues |
| Resale certificate / misc fees | Transfer fee / capital contribution |
| FHA/VA financing, other fees may apply | Property inspection |
| | Pest inspection |
| | Lender fees including: |
| | Appraisal |
| | Credit report |
| | Loan origination fee* |
| | Loan interest* |
| | Private mortgage insurance* |
*Fees determined by sales price and/or loan amount.
Payment of fees above can be negotiated within contract.
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