A Breakdown of Closing Costs for Buyers And Sellers In Garland

Closing Costs For Buyers And Sellers

There are more costs when you buy a house than the down payment and the mortgage. And there are also expenses when you sell Garland house. At closing, a customer must pay charges and a seller must pay commissions from the agent at closing. Understanding the cost of closing can not deter the closing of surprises and unexpected economic difficulties. So here’s a breakdown of buyers and sellers Garland closing expenses

What Are Closing Costs for Buyers and Sellers?

Many individuals are unaware of the closing costs in Garland for both buyers and sellers. These closing costs are charges that cover the final mortgage expenses. As the word indicates, when the property title is actually transmitted to the buyer, these charges will be paid at closing–that last step in the transaction.


The buyer will pay the bulk of the closing costs, but the seller will also pay the closing costs, usually the commission of the agent. However, by filling out the Loan Estimate, which details these expenses and must be supplied by the lender within three days of receiving your request, you can get a good idea of what your closing costs will be.

What Is Included in Closing Costs for Buyers and Sellers?

Closing costs are determined in part by where the property in question is located, the type of home, and the type of loan. Typically, though, closing costs include the following property-related costs, loan-related costs, and insurance-related costs:


  • Appraisal fee
  • Inspection fee
  • Escrow fees
  • Flood certification
  • Property tax
  • Annual assessments (when HOA fees apply)


  • Title fees
  • Attorney fees
  • Lender fees
  • Loan origination fee
  • Loan interest (prorated from the closing date for the following month)
  • Prepaid interest
  • Application fee
  • Assumption fee
  • Discount points
  • Title search fee


  • Mortgage insurance application fee (for down payments less than 20%)
  • Upfront mortgage insurance (which can be rolled into monthly payments)
  • FHA, VA, and USDA fees
  • Lender and owner title insurance

The Closing Costs for Buyers and for Sellers

Typically, most of the closing costs are paid by the customer. How much a buyer pays depends on sales agreements – that is, whether the seller has agreed to pay some (or most) of the closing expenses to sweeten the agreement and get a better price.

Often the seller will agree to pay half of the closing expenses when a customer asks for concessions. This situation generally happens when the customer finds it difficult to afford the closing costs or when the inspection causes problems that the customer will have to pay to have corrected.

The point here is that many times there are closing costs for both buyers and sellers.

Figuring Out Closing Costs

Closing expenses typically range from 3% to 6% of the purchase cost, with the precise quantity depending on the size of the loan and local tax legislation. For example, if a house sells for $300,000, it will cost $9,000 to $18,000 to close. Buyers pay about $3,700 in closing costs on average across the country.

Closing costs for seller typically come in the form of commission from the agent (the vendor has agreed to pay the buyer as a concession in relation to any closing costs). Sellers usually pay both the commission of their own agent and the commission of the buyer’s agent. The average commission is about 6 percent (although sometimes negotiable) of the selling price.

Getting More Value for Your Closing Costs

Therefore, it should be quite evident that closing costs for buyers and sellers Garland can add up to a considerable quantity of cash. However, there is a way for both buyers and seller to guarantee that closing costs are kept as low as possible and that for those expenses they get the most value.  And that is by using a qualified local real estate agent – an agent who can negotiate the best deal for her client.

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