Rates and Fees

What are the typical costs?

  • Closing costs are approximately 6% or more of the purchase price of the property
  • Title costs include fees for title search, lender’s title insurance, and buyer’s title insurance
  • Settlement fees are for the lender’s agent (usually a lawyer or title/escrow company representative)
  • Loan charges include origination, appraisal, and survey fees
  • Taxes and government fees include transfer taxes and buyer’s share of yearly property taxes

Who pays for what?

You may be wondering what fees you will be paying and what fees the other party will be paying. Although the fees are always negotiable, the following list describes the fees that are typically paid for by each party.

Seller

  • Real estate commission
  • Administrative compliance fee
  • Closing fee (if shared with buyer)
  • Owner’s premium
  • Recording fees for well disclosure, satisfactions of mortgage, and any other documents necessary to clear title
  • State and county transfer tax

Buyer

  • Administrative compliance fee
  • Lender fees (loan origination fee, appraisal fee, credit report, etc.)
  • Closing fee
  • Lender’s Title Insurance premium and service fee
  • Recording fee for deed, mortgage, and other documents necessary to assure clear title