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Home Mortgage Closing Costs
Tax Closing Costs
Property Taxes
Property taxes are paid annually. The cost of the property tax is normally prorated between the buyer and seller. If the home owner (the seller) has already paid the property taxes, the home buyer will reimburse the seller for the cost of the tax that was paid ahead. Likewise, if the property taxes have not been paid, the seller will reimburse the home buyer for the time period in which the seller owned the property.
Transfer Taxes and Recording Fees
A fee is charged for recording the transfer of property ownership and placing the purchase documents into the record. The fee amount is based on a percentage of the sales price.