Relocating an Employee Within the United States

Closing cost assistance

There are costs associated with selling and purchasing a home. The transfer of title from one person to another is handled differently in each state throughout the United States.

Who can handle the transfer?

• escrow office
• lawyer
• title company
• broker/real estate agent
• lenders

It depends on the state in which the sale takes place and, in some states, may be different by city or county.

What are the closing costs and who pays them also depends on where the sale takes place. Let’s take a look at the most common closing costs…

• Sales commissions. This is ordinarily a percentage of the sales price. There may also be a "broker service fee."
• Legal representation. A lawyer’s services may have been used in negotiation or processing the sale.
• Conveyancing. This is a charge for the preparation and processing of the real estate documents.
• Title charge. These charges relate to developing the title chain, and to protecting the buyer and seller with insurance.
• Survey fees. These are fees for performing a survey of the property (if needed).
• Lender's fees. These are fees connected to the issuance of the new mortgage.
• Impounds. This is a fund to pay the pro-rata share of taxes, insurance, and other items - also known as an escrow account.
• Recording fees. These are charges for the recording of deeds and other documents with the appropriate government agencies.

Q: Does the buyer or seller pay the above costs?

A: It depends on custom. Companies generally help employees by paying the costs.