Quote:
Originally Posted by melpetezrinski
You are about 50% correct. Not bad. 1 year homeowners? Do you mean insurance, if so, that's only if there is a mortgage. If there is no mortgage, homeowners insurance is not a settlement cost and it's not even a cost if the new homeowner self insures. Seller pays documentary stamps. Seller pays title search and insurance. Both parties will usually split the other title fees such as administrative or closing fee.
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The seller pays for the title search, but an owner's title insurance policy is optional and is paid for by the buyer. As a buyer of a new house, I paid about $1,100 for a title insurance policy. Actually, that was the only closing cost I had, other than the prorated amounts for the amenities, bond, and maintenance that the seller had paid in advance.