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.
THE BUYER WILL RECEIVE:
- Earnest money deposit
THE BUYER PAYS:
- One-half of escrow or legal fees paid to the attorney or escrow company for preparing the closing (In California, the party paying escrow fees varies from county to county)
- Document preparation fees
- Recording and notary fees
- Title search and title insurance (paid by either the seller or the buyer)
- Local transfer taxes, if any
- Repairs or inspections the buyer has agreed to pay for
- Loan fees
- Appraisal fees
- Credit report fees
