What are closing costs and who pays for them?

On the Buying side, there are fees charged by the title company (title costs) These generally include but are not limited to, a title insurance policy fee, title search fee, closing fee, and document prep fee. If you are obtaining financing there are several fees charged by your lender (lending costs). For a complete list of fees and what they are, contact your lender. These fees will vary from lender to lender.

On the Selling side there are fees charged by the title company (title costs). These generally include but are not limited to, a title insurance policy fee, title search fee, closing fee, and document prep fee. There are also fees charged by your realtor (the commission). There are also taxes you have to pay as a seller. You will pay a county conveyance fee, this varies from county to county. You will also pro-rate the current real estate taxes to the buyer up to the day of sale.

The purchase contract you signed or will sign determines who pays for what in closing costs. Who picks up the costs vary from region to region throughout the state. In Columbus for example it is common for the Seller to pay for all of the title insurance policy, even though this is a document that ensures the Buyers interest. Rarely, a Seller will ever pay for any of your lending costs.