The Buyer Normally Pays For: • One-half of the escrow fee (according to contract) • Lender’s title policy premiums (ALTA) • Document preparation (if applicable) • Tax pro-ration (from date of acquisition) • Recording charges for all documents in buyer’s names • Fire insurance premium for first year • Home Warranty (according to contract) • Inspection fees (according to contract): roofing, property, geological, termite, etc. • All new loan charges (except those required by lender for seller to pay) • Interim interest on new loan from date of funding to first payment date
The Seller Normally Pays For: • One-half of the escrow fee (according to contract) • Work orders such as termite inspection and work (according to contract) • Owner’s title insurance premiums • Real estate commission • Any judgments, tax liens, etc. against the seller • Any unpaid Homeowner Association dues • Home Warranty (according to contract) • Any bonds or assessments (according to contract) • Any loan fees required by buyer’s lender (according to contract) • Recording charges to clear all documents of record against seller • Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer) • Interest accrued to lender being paid off, reconveyance fees and any prepayment penalties
PRIOR TO CLOSING
Buyers:
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Verify with your Loan Officer that all conditions have been met.
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Notify your Escrow Officer of the names of your lender and homeowner insurance companies.
Sellers:
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Provide your Escrow Officer with your forwarding address, any existing mortgage information, leased equipment, Homeowner Association information, and utilities (if they are to be paid out of escrow.)
BUYERS AND SELLERS:
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Confirm with your agent that all contingencies have been satisfied.
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Keep your agent informed of any vacation plans or times you will be unavailable.
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If you plan to have your documents reviewed by an attorney, please notify your Escrow Officer at least 48 hours prior to signing.
BEFORE YOUR SIGNING APPOINTMENT:
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Expect to sign at the escrow company one or two business days before the closing date.
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If funds are required to close, be prepared to bring the monies in the form of a cashier’s check 24 hours before recording or wire transfer the same day as closing.
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Have a valid photo identification available at your signing appointment: Driver’s License/State ID, Passport, or Green Card.
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Expect the signing to last approximately one hour if you are the buyer and 30 minutes if you are the seller.
