Closing costs are the fees you can expect to pay to third parties such as the title company and the lender. The amount the buyer pays can vary from approximately 3-5% of the home's purchase price. The seller might not have as many closing cost fees but keep in mind their main fee is the commission.
Typically, buyers will see some of the following costs (when getting a loan):
Appraisal fee
Origination fee
Prepaid interest
Prepaid insurance
Flood certification fee
Tax servicing fee
HOA Transfer Fee
Credit report fee
Bank processing fee
Recording fee
Notary fee
Title insurance
Home Inspection/Termite
Inspection
Here are some of the closing costs that sellers are typically responsible for:
Owner Title Policy
Estimated Prorated Taxes
Home Warranty for 1 year
Settlement Fee
Drawing Deed
Re-conveyance Fee
HOA Resale Certificate
Attorney fees, if the home seller has one
Realtor commissions
I recommend you speak to your title company and lender to get exact amounts of what to expect on your closing costs. I am not an expert in this and they can go into detail with your about their process, the best loan for you, the list of fees associated and so much more.
