Page 15 - Jon Baer Buyers Guide

E Ex xp pl la an na at ti io on n o of f C Cl lo os si in ng g C Co os st ts s

Your Pioneer Title Escrow Officer will explain your ALTA Settlement Statement
following h is or her receipt of the lender’s package with instructions for specific charges
that must show. That said, this is a general guide to who pays what.

SELLER can generally expect to pay:

 Owner’s title insurance policy premium
 Real estate commission
 ½ of the escrow fee
 Any loan charges required by purchaser’s lender if specified in the purchase contract
 Payoff plus any fees, charges and or penalties and interest on all loans made by the seller, including
statement fees, reconveyance fees and or prepayment fees.
 Termite inspection and repair work as specified by the purchase contract
 Home Warranty if specified in the purchase contract
 Any encumbrance of record against the seller
 Recording charges to clear all documents of record against the seller
 Prorated property taxes and or delinquent taxes to date of close
 Unpaid HOA dues or assessments of record
 HOA transfer fee
 HOA Disclosure Statement (required by statute for subdivisions over 50 units)

BUYER can generally expect to pay:

 Lender’s title insurance policy premium
 ½ of the escrow fee
 All new lender charges except those required by lender for seller to pay
 Recording charges for all documents in the purchaser’s name
 Interest on new loan from date of loan funding to 30 days prior to first payment due date
 Hazard insurance premium for first year in advance and impounds as required by new lender
 Property tax impounds as required by new lender
 Advance HOA management payments (if applicable)
 Preservation fees, recreation center fees (if applicable)

Note: FHA and VA loan regulations require the purchaser and seller to pay for certain items. FHA
requires the purchaser pay for impounds for taxes and hazard insurance as well as adjusted
interest. FHA and VA both requires the seller to pay for any of these fees if applicable to the
contract: assignment of loan; flood certification; recording charges to clear title; new lender
document preparation charges; inspection and or photo charges if applicable; tax service fee and
lender warehousing fee. VA requires in addition that the seller pay all escrow fees. Purchaser pays
additional costs not agreed by seller.

Pioneer Title Agency

COMMITMENT TO SERVICE

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