Who Pays Closing Costs
The information below is courtesy of Equity Title of Nevada and is to be used as a general example of “customary” costs. Please refer to your loan documents for information specific to your transaction.
Closing Terms
Below are terms associated as part of the closing of a home in Nevada.
- Appraisal Fee – This is a one-time fee that pays for an appraisal. The appraisal is made by an independent fee appraiser.
- Credit Report Fee – A one-time fee that covers the cost of the credit report.
- Document Preparation Fee – There may be a separate fee that covers the preparation of the final legal papers.
- Loan Discount – A one-time fee used to adjust the yield on the loan to what market conditions demand. It is often called “points.”
- Loan Origination Fee – The lender’s administrative costs in processing the loan are covered by this fee.
- Miscellaneous Title Charges – The title company may charge fees for a title search, title examination, document preparation, recording fees, a settlement or closing fee, and notary fees.
- PMI Premium – You might be required to pay an upfront fee for mortgage insurance, depending on the amount of your down payment. Lenders may also require monies be placed into a reserve account held by them.
- Prepaid Interest – Depending on the time of month your loan closes, this per diem charge may vary from a full month’s interest to that of a few days. If your loan closes at the end of the month, you will have to pay interest only for a day or so.
- Taxes and Hazard Insurance – You may be required to reimburse the seller for property taxes, depending on the month in which you close. You will also need to pay a year’s hazard insurance premium up front. Also, you might be required to put a certain amount for taxes and insurance into a special reserve account held by the lender.
Cash Transaction Closing Costs
| DESCRIPTION | SELLER | BUYER |
| Escrow Fee | 50% | 50% |
| Owners Title Policy | • | |
| Recording Fee (A = Affidavit | D = Deed) | A | D |
| Home Warranty Premium | • | |
| Real Estate Commission | • | |
| Termite Inspection | • | |
| HOA Certificate of Resale Fee / Transfer Fee | • | • |
| Existing Loan Pay Off | • | |
| Release / Reconveyance Fee | • | |
| Nevada Transfer Tax ($5.10 per $1,000) | • |
New Conventional Loan
| DESCRIPTION | SELLER | BUYER |
| Escrow Fee | 50% | 50% |
| Owners Title Policy | • | |
| Lenders ALTA Title Policy | • | |
| Recording Fee (A = Affidavit | D = Deed) | A | D |
| Home Warranty Premium | • | • |
| Real Estate Commission | • | |
| Termite Inspection | • | |
| HOA Transfer Fee | 50% | 50% |
| Existing Loan Pay Off | • | |
| Release / Reconveyance Fee | • | |
| 1st Year Insurance Premium | • | |
| Discount Points % | • | • |
| Origination Fee | • | |
| Appraisal Fee | • | |
| Lenders Document Preparation Fee | • | |
| Credit Report Fee | • | |
| Nevada Transfer Tax ($5.10 per $1,000) | • |
New FHA / VA Loan
| DESCRIPTION | SELLER | BUYER |
| Escrow Fee | 50% | 50% |
| Owners Title Policy | • | |
| Lenders ALTA Title Policy | • | |
| Recording Fee (A = Affidavit | D = Deed | DT = Deed of Trust) | A | D | DT |
| Home Warranty Premium | • | • |
| Real Estate Commission | • | |
| Termite Inspection | • | |
| HOA Transfer Fee | 50% | 50% |
| Existing Loan Pay Off | • | |
| Release / Reconveyance Fee | • | |
| 1st Year Insurance Premium | • | |
| Discount Points (negotiable) | • | • |
| Origination Fee | • | |
| Appraisal Fee | • | |
| Lenders Document Preparation Fee | • | |
| Credit Report Fee | • | |
| Nevada Transfer Tax ($5.10 per $1,000) | • |
