Who pays what at closing?
The Contract will control who pays costs at closing. However, typically, Buyer is responsible for all costs related to the loan, including bank fees, escrow, if applicable, title insurance for the lender and Buyer (depending on location of property), survey, recording fees for the mortgage and taxes on the mortgage/note, and attorney’s fees. Seller is generally responsible for realtor commissions, title searches, transfer taxes on the deed, and its attorneys’ fees. Who pays the Buyer’s title insurance premiums is often determined by the county in which the property is located.
