Here is a chart to help you stay organized as you track your closing costs. Be prepared and know who’s responsible for the variety of fees and expenses at the closing table.
| BUYER COST | SELLER COST | OTHER | |
| Down payment | |||
| Loan origination | |||
| Points paid to receive a lower interest rate | |||
| Home inspection | |||
| Appraisal | |||
| Credit report | |||
| Mortgage insurance premium | |||
| Escrow for homeowner’s insurance | |||
| Property tax escrow
(if paid as part of the mortgage*) |
|||
| Deed recording | |||
| Title insurance policy premiums | |||
| Land survey | |||
| Notary fees | |||
| Home warranty | |||
| Proration* for your share of costs
(such as utility bills and property taxes) |
*Lenders keep funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.
** Because such costs are usually paid on either a monthly or yearly basis, the buyers may have to pay a bill for services that you actually used before moving, or vice versa. Proration is a way to even out bills you may have paid in advance, or that buyers may later pay for services you used.
Published with permission from the National Association of Realtors 