First Time Home Buying: Settlement and Closing

SETTLEMENT AND CLOSING

During the negotiation stage of the transaction, a mutually agreed-upon date for closing is determined. “Closing” is when you and the seller sign all the paperwork and pay your share of the settlement fees, and the documents are recorded. Settlement obligations vary widely due to specific contract language, local laws and customs. Prior to closing, the closing agent (usually an escrow or title company or attorney) will complete a detailed settlement statement for both buyer and seller. As your Windermere agent, We can help you understand which of the following typical settlement fees apply to you.

THE BUYER RECEIVES:

❱❱ Credittowardbuyerclosingcostsorthepurchase price for any earnest money deposited

THE BUYER PAYS:

❱❱ One-halfofescroworlegalfeespaidtothe attorney or escrow company for preparing the closing (in California, the party paying escrow fees varies from county to county)

❱❱ Documentpreparationfees,ifapplicable ❱❱ Recordingandnotaryfees,ifapplicable ❱❱ Title search and title insurance*
❱❱ Localtransfertaxes*

❱❱ Loanfees
❱❱ Appraisalfees
❱❱ Creditreportfees

❱❱ HomeOwnersAssociationfees,ifapplicable* *Paid by either the seller or the buyer