[legalhomeforms]

Can a mortgage professional explain to me what kinds of fee/closing cost need to be paid when selling a home?

I know the first mortgage must be paid, pro-rated taxes, agent commission, but what are other typical closing fees?

[kevin]

If you are inquiring to closing costs from the lender(bank), they are usually paid by the buyer, unless the seller has made an agreement to cover the costs. Closing costs typically consist of underwriting, processing, broker fees,origination (1-2%) title ins, escrow. It usually depends on the size of the loan, but again, usually the buyer pays for closing costs.

[kensmith]

Seller cost will cover transfer fees, title fees, and commissions. Those are teh big ones and that can vary by town and even more by state so it would be better to ask someone local.

Either way they don't really have anything to do with the loan, unless a buyer asks the seller to pay part of them in the offer and then it's all part of the negotiation process. Hope that helps.

[LoanOfficer101]

Go to http://buyyourfirsthome.us/seminar and watch the online seminar for first time home buyers. On one of the slides, I have a list of the closing costs. This should give you a good idea of what you are facing.

This seminar is something that almost any Realtor can have their own version of at no cost. Just ask me and I will give you details.