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Closing Fees

Mortgage Library: Ask a Mortgage Related Question: Answers: Closing Fees

Question:

What closing fees is the seller typically responsible for? I am selling the house myself.

J. B.
Carlsbad
New Mexico

Answer:

The seller is responsible for the annual taxes through the day of funding, and the seller's portion of the title policy.

Typically, but not always, the seller will pay for the title policy and the survey. The seller may pay up to 6% of the sales price in closing costs for the buyer if the buyer cannot or will not.

If the buyer is using an FHA loan, the seller will have additional closing costs that the buyer is not allowed to pay under FHA guidelines. These 'non-allowables'  total about $1,500 depending on lender and title fees.

Rick Lanicek
Mercantile Mortgage Corp
17950 Preston Rd Ste 50
Dallas, TX 75252-5657
(972) 705-9721
(800) 256-0817 Ext 202
Mobile (214) 552-6125
eFax (972) 692-7260

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