Customary Breakdown of Closing Costs
The following are the customary breakdown of closing costs, unless otherwise negotiated in the purchase contract differently. These expenses are not intended to be all-inclusive.
EXPENSES CHARGED TO BUYER
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40% of the premium for standard coverage title insurance and any additional costs relating to the issuance of extended coverage policy (including lender's policy)
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Cost of drafting of mortgage and note or agreement of sale
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Cost of obtaining Buyer's consents
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Buyer's notary fees
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All recording fees excelpt to clear Seller's title
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50% of Escrow fee
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Condominium and Association ownership transfer fees
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FHA or VA discount points and any mortgage fees
EXPENSES CHARGED TO SELLER
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60% of the premium for standard coverage title insurance
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Cost of drafting of conveyance documents and bills of sale
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50% of Escrow fee
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Seller's notary fees
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Cost of required staking or survey
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Recording fees to clear Seller's title
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FHA or VA mandatory closing fees
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Conveyance tax (subject to Paragraph F7 of Purchase Contract)
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FIRPTA (Federal withholding tax)
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HARPTA (State withholding tax)