Holland Law and Title

Holland Law and Title

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Closing the Sale and Division of Charges


Once all the terms of the parties to the contract have been fulfilled, and closing conditions satisfied, the escrow is closed and the safe and accurate transfer of property and monies is completed. The fees and service charges include the title insurance policy premiums, escrow, transfer and recordation fees, property taxes, as well as other costs in connection with any loan being obtained. Unless there is some special agreement between the buyer and seller as to how these charges are to be paid, local custom will generally be followed in drafting the instructions to the settlement agent as to how they are to be divided.

The escrow settlement agent will allocate between seller and buyer their proportionate share of an obligation paid or due. For example, a pro-rata share of real property taxes or homeowner’s association dues are charged to the buyer and credited to the seller if they are prepaid at time of closing. The amounts prepaid are calculated per day from the date of closing to the date that they are paid.

Click here to see a simple video explaining closing costs. Click here to see the video in Spanish.