Your Yavapai Title Agency Escrow Officer will explain your Settlement Statement (HUD-1) following his or her receipt of the lender’s package. 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
1/2 of the escrow fee
Any loan charges required by Buyer’s lender, if specified in the purchase contract
Loan payoff, plus interest charges including but not limited to statement, reconveyance and/or prepayment fees.
Any repair work, specified in 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
HOA transfer fee, if specified
HOA Disclosure Statement
Buyer can generally expect to pay:
Lender’s title insurance policy premium
1/2 of the escrow fee
All new lender charges except those required by lender for seller to pay
Interest on new loan
Hazard insurance premium
Property tax impounds as required by new lender
Advance HOA management payments (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 require 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.
Yavapai Title Agency remains the only locally owned and operated title company in the county. We are committed to maintaining our complete title operations here in Yavapai County. We recognize performing this vital function locally not only assures in-depth knowledge and expertise, but keeps our community strong as our employees and their families are committed to our community.