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Who Pays Closing Costs?

Mortgage Library: Ask a Mortgage Related Question: Answers: Who Pays Closing Costs?


I am going to sell my condominium and want to know who pays for the closing costs and what can I expect them to be??? I was told that some expenses are paid by the buyer and others by the seller. Can you list what the seller is obligated in the state of Florida to pay??

Thank You

Daytona Beach


Hello Mr. / Ms. G,

Re: your question on closing costs.

Though out Florida, most of the closing costs on the buyer's side on the HUD are paid for by the buyer. The seller also pays closing costs on the sale of the property.

However, in Florida, it varies by different county on title costs that the buyer would pay for the seller. Therefore, if you check with a title company within the property county, at a settlement company such as First American Title Services, or Sunbelt title services, or a regular closing attorney, they would be pleased to give this information to you in hopes of getting your business for the actual closing you might have in the county. However, it is normally customary for the seller to choose the closing title company, not the purchaser.

The actual purchase contract can dictate who would normally pay closing costs, should it be different than the county's normal accustomed method. Therefore, if the seller agrees, you can negotiate with the seller to pay and include the closing costs on his/her or their side of the transaction. Depending what lender or funder is used, and, also in consideration of the amount of down payment, you can have the seller's contractually agree to pay purchaser's closing costs. In some cases, it is all of the costs, or most of the costs with a possible exception of prepays or interest charges, or advance payments such as escrows for taxes or insurance.

Normally, the lender will have charges anywhere between $600 - $1,200 in the 800 section of the HUD, which includes the lender's fees such as underwriting, tax service, administration, flood certification, Etc.

If you would like an estimated HUD of all closing costs for Volusia County, please let me know, and Old Cypress Mortgage Company will compute and deliver an estimated HUD for you based on the purchase price you pay. Please let us know and we will forward same to you in an email in Adobe Reader format. We need to know what purchase price to use in the estimate, as the higher the price, the greater the closing cost. We would be happy to provide this to you.

And remember, any of those amounts normally paid by the buyer can be paid by the seller, if contractually agreed in the purchase contract.

Hopefully, this will give you some of the information that you desire.

We look forward to working with you on your new mortgage!

Randy Matthew, CFP
Old Cypress Mortgage Co. 8:30 AM-5:30 PM :-$

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