Closing Costs Explained | Summary and Q&A

TL;DR

Real estate attorney Tiffany Webber explains the various closing costs involved in buying or selling a house.

Key Insights

• 🤱 Buyer closing costs include lender charges, prepaid expenses, and miscellaneous fees.
• 🇨🇷 Seller closing costs include commissions, loan payoff, taxes, and deed stamps.
• 🇨🇷 Additional costs may arise from HOA breakup fees, repairs, or seller-paid closing costs.
• 🇨🇷 Closing costs are typically deducted from the proceeds for sellers.
• 🇨🇷 The closing statement itemizes all the costs involved in a real estate transaction.
• 🇨🇷 Prepaid expenses, such as homeowners insurance and interest, are part of buyer closing costs.
• 🤱 Register of deeds fees are incurred for recording documents like the deed and deed of trust.

Transcript

Hey everybody. It's time to talk about closing costs when buying or selling a house. I'm Tiffany Webber. I'm a real estate attorney in Mooresville, North Carolina at Thomas and Webber. We love bringing you videos like this so you learn more about real estate. We'd love it if you would subscribe to our channel so you'll know when we put out more vid... Read More

Questions & Answers

Q: What are some common buyer closing costs?

Buyer closing costs typically include lender charges, prepaid expenses like homeowners insurance, register of deeds fees, and miscellaneous expenses such as inspections and survey fees.

Q: Are seller closing costs the same as buyer closing costs?

Seller closing costs are different and usually include commissions, loan payoff, taxes, deed stamps, and in some cases, HOA breakup fees or repairs.

Q: Can seller closing costs be deducted from the proceeds?

Yes, seller closing costs are typically deducted from the proceeds received from the sale. Sellers do not need to bring a check to the closing.

Q: Are all closing costs disclosed on the closing statement?

While the provided list covers most closing costs, it is not exhaustive. There may be other costs depending on the specific transaction. However, the list provides a good overview of what to expect.

Summary & Key Takeaways

• Buyer closing costs include lender charges, such as origination fees and appraisal costs, as well as register of deeds fees and prepaid expenses like homeowners insurance and interest.

• Seller closing costs include commissions, loan payoff, taxes, and deed stamps.

• Additional costs may include HOA breakup fees, repairs, and seller-paid closing costs.