Estimating Closing Costs

Buyer Charges to expect include:

Loan processing fees (flat fee, typically $400)
Underwriting fee (flat fee, $500)
Appraisal fee (flat fee, $450)
Credit report check ($25-35)
Flood area certification (flat fee, $50)
Escrow account servicing for property taxes ($75)
Title insurance ($175)
Title fees (filing fees, $180)
Governmental recording fees (flat fee, $125)
Documentary transfer taxes (percent of final sale price)
Homeowner’s insurance (varies on insurance provider, $1,000-$1,500 annually)
Settlement company for escrow processing ($flat fee, $175)
Wire and courier services for paying sale (flat fee, $175)

Seller Charges to expect include:

Real Estate Commission (5% or 6%)
Document transfer tax ($1.10 per $1,000 of sales
Lender Payoff Fees – $800-$1,500
Property tax proration (to date of acquisition)
Document recording charges
Homeowners’ association statement fee and prorata dues: Circa $300-$500

City costs

Work/repairs required according to contract
Matters of record against the property or seller (loans, tax liens, judgements, etc.) and fees required to clear them (statement fees, reconveyance/trustee fees and prepayment penalties)