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Closing Costs
Closing costs are the expenses associated with the selling of your real estate. You can expect to pay your closing costs the day the transaction is complete.

Hud-1 Setttlement Statement
There's no single set of expenses that every home seller must pay, every transaction is different, but it's a good idea to become familiar with typical expenses and closing costs so that you'll have a better understanding of the items billed to you on your HUD-1 settlement statement.

The HUD-1 is a form used by the settlement agent, also called the closing agent, to itemize all charges imposed upon the borrower and seller in a real estate transaction. It gives each party a complete list of their incoming and outgoing funds. Fees associated with the transaction but paid prior to closing are also included on the

HUD-1.

Typical Closing Costs:
Community Transfer Tax (If applicable)

Paid according to community requirements.

County and State Conveyance Tax
Paid according to local and state requirements.

Mortgage Payoff
Proceeds from the sale paid to the seller's lender.

Real Estate Commission

Paid to the seller's agent at closing.

Recording Fees
Paid from the sale proceeds to record the sale in the county.

Real Estate Tax
Year to date real estate tax will be prorated. The seller owes the current year's real estate tax up to the date of closing.

Seller's Attorney or Escrow Fees
Paid from the sale proceeds at closing to cover miscellaneous charges.

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