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REALTOR® Laura Sellers, Auburn, ALREALTOR® Laura Sellers, Auburn, AL

Everything you need to know about buying or selling a home or condo in the Auburn-Opelika, AL area!

LauraSellers01@Gmail.com
334-332-7263 Direct

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Who Pays the Closing Costs?

Who Pays the Closing Costs?

Getting ready to buy or sell a home but not sure who is responsible for the closing costs? You’re not alone. It can be a confusing process—if in doubt, refer to this #GTK article to help answer your questions, and don’t forget, you can always reach out to me to help you along the way.

Closing costs are fees paid to third parties to finalize a home purchase, explains Fool.com, by both the buyer and the seller. Costs can vary widely depending on state requirements, the type of loan the buyer has, the fees that the lender charges, local customs and any arrangement negotiated between the buyer and seller.

Buyers typically pay the closing costs related to their mortgages such as loan origination fees, discount points, mortgage insurance and more. Buyers are also responsible for some third-party fees such as attorneys’ fees, appraisal fees, escrow fees and title search fees, prorated shares of property taxes and hazard insurance, and more. Buyers may be required by the lender to escrow monthly payments in advance for one to three months and property taxes and insurance for up to a year in advance.

Three days before closing, the lender provides a closing disclosure that outlines all fees and the “cash to close” required of the buyer at closing – typically as much as 3% to 6% of the home purchase price. Buyers have the option of paying cash, rolling closing costs into their mortgage, paying a higher interest rate of lender-paid fees and asking the seller to pay them in exchange for a higher purchase price.

Home sellers are usually responsible for the buyer’s title insurance and both the buyer’s and seller’s real estate commissions and/or fees. Seller’s fees can range between 6% to 8% of the home’s sale price and are taken out of the transaction proceeds.

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Who Pays the Closing Costs
author avatar
Laura Sellers
EXPERT IN AUBURN-OPELIKA, AL REAL ESTATE SERVICES If you are buying or selling property in the Auburn - Opelika, AL area, I will provide you with the service that you need. I work at the #1 real estate company in Auburn's #1 office. Please contact me today!
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Posted in: Uncategorized Tagged: berkshire hathaway homeservices preferred real estate, best auburn realtors, best opelika realtors, homes for sale in auburn, homes for sale near me, Houses for Sale Opelika, luxury homes for sale auburn, move to auburn, relocate to auburn, Who Pays the Closing Costs?

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REALTOR® Laura Sellers, Auburn, AL

334-332-7263 Direct
LauraSellers01@Gmail.com



1810 E Glenn Ave., Suite 100
Auburn, AL 36830



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