What Is This?
 

Who Pays For What?

You may be wondering what fees you will be paying and what fees the other party will be paying. Although the fees are always negotiable, the following list describes which fees are typically paid for by whom.

SELLER:
Real Estate Commission
Administrative Compliance Fee
Closing fee (if shared with buyer)
Abstract of Title
Owner's Premium (when no Abstract has been provided)
Assessment Search
Recording fees for well disclosure, satisfactions of mortgage and any other documents necessary to clear title
State deed tax
Courier fee (where applicable)

BUYER:
Administrative Compliance Fee
Lender fees i.e. loan origination fee, appraisal fee, credit report, etc.
Escrow fees - funds needed to establish escrow account for tax and insurance payments
Closing fee
Lender's title insurance premium and service fee
Owner's title insurance premium and service fee (optional fee)
Name search
Plat drawing
Recording fee for deed and mortgage and other documents necessary to assure clear title
Mortgage registration tax
Courier fee (where applicable)

If you have any questions regarding any of these fees, or are wondering about other fees you may have heard about and aren’t listed here, please contact your closing specialist at 218.828.9611. They are always happy to serve you.

 

 

 
A First American Title Company