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Who pays for what on closing costs when purchasing a home in Massachusetts?

The seller typically pays the deed stamps (a tax paid at the registry of deeds $4.56 per thousand of purchase price) realtor commissions, fees for clearing title, mortgage payoff and fees associated with the mortgage.

The buyer pays their bank fees (appraisal, flood cert., points, prepaid interest, escrows for taxes & ins. associated with the purchase, title insurance, recording fees, title search fees, etc. There is an adjustment for taxes depending on when you close and if the home has oil, then the buyer pays seller for the oil in the tank.

Assuming you are getting a mortgage, all costs associated with obtaining the mortgage, tax/ins escrows and pre diem interest are your responsibility. You also have the closing attorney’s fees including title insurance (lenders and optional owners), title search, courier, plot plan, MLC, and recording fees for mortgage/deed/MLC.

Deed Tax Stamps are traditionally paid by the seller. If you are buying in Worcester or one of the towns that border, the title search might be paid by the seller.

Title insurance is a variable cost based on purchase price and loan amount. Lenders fees can vary as well. Over all though closing costs (not including tax/ins escrows) could range $3-6k. Definitely ask for a cost estimate that includes all the escrows and title insurance for both lender and owner.

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