Closing costs for buyers and sellers

Closing costs for buyers and sellers

As a buyer, you have the right to choose your closing company.  You are the consumer and in charge of your transaction. Aside from lender’s costs, a buyer has other expenses for purchase of property.  In Pennsylvania, closing companies are only permitted to charge what is standard in industry.  These costs are not to be marked up. Title insurance premium rates are determined by Pennsylvania Department of Insurance rating bureau.

Buyer’s typical closing costs in Pennsylvania, in addition to any lender fees, may include the following items:

  • Lender’s Title Insurance Premium (one time premium based on amount of loan)
  • Title Endorsements (required by lender)
  • Title Commitment (required by lender)
  • Title Search
  • Attorney Fee
  • Settlement Fee
  • Notary Fee
  • Document Preparation Fee
  • Overnight Costs (pass through rate, no fee costs only)
  • Wire Costs (lenders typically wire funding, pass through rate, no fee costs only)
  • Closing Service Letter issued via Title Insurance underwriter (most lenders require, regulated fee $125.00)
  • Tax Certifications
  • Owner’s Title Premium (issues with Lender’s under a simultaneous insurance rate)
  • Recording Costs
  • Transfer Tax (Buyer Portion, typically 1% of sales price)
  • Pro rata real estate taxes
  • Realtor fee
  • Pest Inspection
  • Building Inspection
  • Personal Property

Seller’s typical closing costs in a Pennsylvania real estate transaction may include the following

  • Real estate commission
  • Realtor fee
  • Attorney Fee
  • Settlement Fee
  • Notary Fee
  • Home Warranty
  • Transfer Tax (Seller Portion, typically 1% of sales price)
  • Wire Costs (proceeds and/or payoffs)
  • Overnight Costs (proceeds and/or payoffs)
  • Document Preparation Fee (deed, settlement authorization, power of attorney, etc)
  • Pro rata real estate taxes
  • Mortgage Payoff
  • Lien Letters (required for title clearance)
  • Payoff assurance (verification of payoff)
  • Recording Fee
  • Escrow Fee
  • Sellers’ Assist
  • Final utility bills

A closing company is only permitted to charge you the actual cost. We are not permitted to add on or upcharge these fees.  WPS can provide you with a very close estimate on these costs and fees ahead of time.  After all, no one likes surprises when it comes to their money.  Contact us for an estimate based on your sales price and municipality.

Email us, or, if you prefer, call 724.832.8683 M-F 8:00 a.m. to 4:30 p.m. to speak with an associate.