Home Buyer Transaction Fees-Do you know who pays for what?

If you are a first time home buyer, you will want to know who is expected, typically, to pay for what expenses in the home buying transaction process.

This list is intended as a guide and keep in mind that everything is negotiable and you can ask the seller to pay for certain fees or closing costs.

Typical buyer expenses:

• Title insurance premium for the Lender’s policy

• Half of the escrow fee

• Document preparation fee, if applicable

• Recording charges for all documents in buyer’s name

• Buyer notary fees

• Tax proration from the date of acquisition

• All new loan charges, with the exception of any lender requires seller to pay

• Interest on new loan from date of funding to 30 days prior to first payment date

• Assumption or change of records fees for taking over an existing loan

• Beneficiary statement fee, if assuming existing loan

• Inspection fees, which include property, roof, plumbing etc.

• Fire insurance premium for first year

Your realtor should help guide you through the offer and counter offer process so you are informed and can safely negotiate the appropriate costs/fees.