Closing Costs – New Year, New Understanding

What resolutions have you created for the upcoming New Year? Yes, going to the gym more and calling your grandparents more than once a month are always great goals – but what about familiarizing yourself with one of the most important purchases of your life?

Closing costs are confusing – and maybe not the most exciting thing to talk about. But our resolution at Alliance Title is to make title and escrow talk a little more approachable (and dare we say memorable?).

Let’s go through the “What,” “Who,” and “When” of closing costs.


Down payment? Check. Cost of the property? Check.

Closing costs are additional fees that need to be paid at the time of closing. These may involve: escrow fees, title insurance premiums, tax prorations, loan fees, deed recording fees, real estate commissions, and more.


A buyer and a seller have different closing costs. What is listed below is considered a “standard” conventional loan in our neck of the woods, but it’s essential to understand that each transaction is different depending on the purchase agreement.

Buyer Seller Shared Equally
Appraisal Fee*

(can be paid by either buyer or seller)

Escrow Fee
Fire Insurance
Lender’s Policy
Owner’s Policy
Reconveyance Fee
Recording Fee





We know it’s the New Year and moving into a new home is all you can focus on right now – but just because the papers have been signed, doesn’t mean you get to move in right away.

Most buyers anticipate receiving their keys the day of closing; however, this usually doesn’t happen until a day, or a few days, after signing.

To put it frankly, the transaction doesn’t “close” until all the funds have been cleared and provided to the title company, and the deed to the transfer title is recorded at the county courthouse.


There you go – New Year, New You – and a new understanding of what the closing process looks like.

Share this article: