Whether you’re buying or selling, you’ll likely be responsible for a variety of fees and expenses that you will have to pay at closing. Your lender and/or attorney will provide an estimate of all settlement fees.
Buyer closing costs may include:
- Down payment
- Home inspection fee
- Appraisal fee
- Loan origination fee
- Points, or loan discount fees
- Credit report fees
- Private mortgage insurance premium
- Homeowner’s insurance escrow
- Property tax escrow
- Deed recording fees
- Title insurance policy premiums
- Land survey fee
- Attorney fees
- Prorated fees for utilities, oil, taxes, etc.
Seller closing costs may include:
- Your real estate agent’s commission
- Loan payoff costs
- NYS Transfer Tax
- Attorney fees
- Prorated property taxes and HOA fees
Be sure to consult your lender and/or attorney for the full list of costs you may incur at closing.