What is it?
Closing costs are the amounts of money a buyer or seller must pay in addition to any sales price. These costs vary by state, and sometimes even by county or city. There are also several closing costs that are charged to the buyer by the lender, which also vary by bank.
How Much Are They?
Closing costs have a lot of variables, but are usually estimated in a range of 2-5% of the purchase price. Below is a list of common costs, and who pays them.
Cost
Escrow Fees
Title Insurance Policy
County Recording Fee
Mortgage Origination Fee
Flood Certification
Appraisal
Inspection
Credit Report
Prepaids (insurance, HOA, etc)
Agent Commissions
Excise Tax
Liens
Who Pays
Split 50/50
Both
Both
Buyer
Buyer
Buyer
Buyer
Buyer
Buyer
Seller
Seller
Seller