Help me understand Closing Costs?

Closing costs are the various charges made by the lender, the title company, real estate agents and other service providers necessary to complete a transaction. Although who pays for the various closing costs is ngotiable between the buyer and seller, the following sets forth the customary division in Broward County.

The Buyer customarily pays:

• Title insurance premium for lender and buyer.
• Escrow fee
• Notary fees
• Contractor's and pest inspection fees
• All new loan charges (points, appraisal, document processing fees, etc.)
• Interest on new loan from ddate of funding to 30 days prior to the first payment date.
• Homeowner's insurance for first year
• Wind insurance
• Private mortgage insurance (typically 2 months) if required by the lender
• Private mortgage insurance impound account (1 year) if required by the lender
• Property tax impound account if required by lender
• Move- in fee
• HOA account transfer fee
• Miscellaneous charges

The seller customarily pays:

• Real estate commission
• Document preparation fo deed
• Documentary transfer tax (amount is dependent upon sales price)
• Payoff af all loans against the property
• Interest accrued on loans being paid off, reconveyance fees and pre-payments penalties
• Home warranty (if specified in contract)
• Any judgement of tax liens against seller
• Property tax proration
• Unpaid homeowner's dues (for condominiums)
• Bonds or assessments
• Delinquent taxes
• Move- out fees (for condominiums)
• Notary fees and recordation fees
• Third party Natural Hazard Disclosure Statement & Florida Tax Disclosure report
• Pre- Sale pest inspection fee
• Underground storage tank report
• Miscellaneous charges

* This list is a general guideline of charges and may not be wholly inclusive for your transaction.