What are the typical closing costs for Sellers?
Seller’s closing costs are negotiated and set forth in the Contract. The typical closing costs to be paid by the sellers are as follows:
Documentary stamp taxes and surtax on deed
Title search charges
HOA/Condominium Association estoppel fees
Recording and other fees needed to cure title
Seller’s attorneys’ fees
Seller’s realtor’s commission
Other fees paid for by the seller may include:
Loan payoff costs. Your loan payoff will often be a little higher than the remaining balance on your loan because of prorated interest. In some cases, you may have to pay a prepayment penalty for paying off your loan before the end of the term. If you have a home equity loan or line of credit, this must be paid in full at settlement as well.
Transfer taxes or recording fees. These are the taxes imposed by your state or local government to transfer the title from one owner to another.
Title insurance fees. Sellers typically pay the owner’s title insurance premium.
Attorney fees, if you have your own attorney represent you at the settlement.
Liens or judgments against the property.
Unpaid homeowner association dues.
Prorated property taxes and homeowner association dues up to the settlement date.
Depending on the contract (most FHA or VA loans), the seller may also have to pay:
Termite inspection and remediation, if necessary.
Home warranty premium.
Repair bills or a credit for repairs for items found during a home inspection.
