Standard Real Estate Closing Costs
Title Insurance: This fee is based on the purchase price of the property and the cost is customarily split between buyer and seller, unless the purchase agreement states otherwise. A home selling for $140,000 would have a title insurance premium of about $293.00 each to buyer and seller.
Termite Inspection: A requirement of the lending institution, the cost of the inspection is the responsibility of the buyer. However, under the requirements of a VA loan, the seller is required to pay for the termite inspection. Prices for inspections range from $45.00 to $75.00 depending on the company.
Taxes: Property taxes are prorated based on the terms of the purchase agreement.
Documentary Stamp Tax: The Documentary Stamp Tax is typically paid by the seller. Effective July 1, 2005, the Documentary Stamp Tax for the state of Nebraska is $2.25 per thousand of the purchase price. For instance, if a house sells for $100,000.00, the fee collected to pay this tax would amount to $225.00.
Recording Fees: The buyer is responsible for the cost associated with recording the Warranty Deed. (Approximately $15-$20)
The cost of recording any release(s) of mortgage is a seller expense. (Approximately $15-20 for each released document.)
Closing Fee: Sometimes called the escrow closing fee. When the buyer is obtaining a conventional loan, assuming an existing loan or paying cash, the fee for closing (around $350) is normally split equally between the buyer and seller to the purchase agreement, unless the agreement states otherwise. Under the requirements of VA and FHA loans, the seller is required to pay the entire escrow closing fee. This fee should not be confused with the "loan closing fee" which pertains to the purchaser's mortgage loan only.
