Part III of a series on the escrow process. Thank you to Kartikay Escrow for contributing portions of this blog.
So, your escrow agent has helped you clear up the red flags. Now, it’s time to figure out closing costs. This list will give you an idea of what items are typically included in closing costs (not the specific amounts, as fees can vary). The buyer and seller may negotiate “who pays what,” but once the contract is signed, instructions cannot be changed unless mutually agreed upon by all parties in writing.
Real Estate Commission
If the property is listed or sold by an agent, there will be commission(s) to calculate.
The seller is required to pay the property taxes through the last day of ownership.
The buyer will purchase a fire and hazard insurance policy. Frequently, the lender requires the first year’s insurance premium…
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