Closing Costs — Who Pays What?

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The parties to a real estate sale may negotiate who will pay certain closing costs. In the absence of an agreement, local custom calls for each party to pay those closing costs related to that portion of the transaction for which they are responsible.

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Typically Incurred by the Seller

State Conveyance tax

.75% of sale price up to $800k
1.25% of sale price above $800k 

Local Conveyance Tax

Westport, Weston, Wilton, Fairfield, Easton, Redding - .25%
Stamford - .35%
Norwalk - .50%

Realtor’s Fee — Negotiable

Attorney’s Fee — $1000 - $1500 +/-

Recording Fee (Release of existing mortgage) —
$200 +/-

Real Estate Taxes — Unpaid balance

Mortgage Payoff — Unpaid balance

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Typically Incurred by the Buyer

Home Inspection Fees:

• General Building Inspection — $1000 +
• Pool —$200 - $300 +/-
• Asbestos — 350 +/-
• Radon — $100 +/-
• Septic — $400 - $500 +/-
• Termite/Pest — $250 +/-

Lender Fees:

• Origination Fees — $800 +/-
• Appraisal — $400-$600
• Credit Report —$24 +/-
• Origination Fees — Varies based on loan type/amount
• Points — Varies based on loan type/amount

Tax Escrow — Determined by lender/town

Interest Adjustment — Pro-rated interest based on actual number of days from the date of closing to the date of the first mortgage payment

Attorney's Fees — $1000-$1500 +/-

Title Search/Municipal Search — $375-$500

Title Insurance — Varies based on home price (approx. $2,500 for a $750,000 home; $3,200 for a $1,000,000 home)

Recording Fee — $200 +/-

Homeowner's Insurance — Varies depending on the
property

Flood Insurance — If Applicable

The fees listed above are given only as an approximate and may vary higher or lower.