L. Fees charged by the realtors, lender, mortgage broker, title company, government and others in connection with the closing.

Charges to the Buyer/Borrower appear in the left column. Charges to the Seller appear in the right column.

Section 700: Realtor fees/commissions.

This section includes all realtor commissions and fees. These are usually charged to the Seller unless the Buyer and the Seller have agreed otherwise.

Line 700: Total real estate commissions due to realtors (from Listing Agreement between the Seller and his/her realtor)

Line 701: Real estate commission due to Listing Agent/Seller’s Realtor. If the realtor is holding the earnest money shown on Line 506, the amount held is also shown on this line as Deposit Retained.

Line 702: Real estate commission due to Selling Agent/Buyer’s Realtor. If the realtor is holding the earnest money shown on Line 506, the amount held is also shown on this line as Deposit Retained.

Line 703: Amount of commissions actually paid a closing (Commission on Line 700 minus Deposit Retained shown on Line 701 or Line 702)

Section 800: Loan Fees.

This section includes all lender, bank or mortgage broker fees charged in order to obtain the loan. The fees vary from lender to lender. Check with your lender for details on these fees. These items will always be charged to the Buyer/Borrower unless the Buyer and the Seller have agreed otherwise in the Purchase Contract.

Section 900: Pre-Paid Items.

This section includes loan interest, insurance premiums and other charges required by the lender to be paid in advance at closing. These charges are also called prepaid items or prepaids. These items will always be charged to the Buyer/Borrower unless the Buyer and the Seller have agreed otherwise in the Purchase Contract.

Line 901: Interest from the time of closing until the first loan payment

Line 902: Premium for private mortgage insurance to protects the lender in case the Buyer/Borrower defaults on the loan. The lender will determine whether this insurance is required. Also called MIP or PMI.

Line 903: Premium for homeowner’s insurance required to be paid at the time of closing Section 1000: Escrow Accounts. This section details amounts put in the Buyer’s/Borrower’s escrow account at closing. This account will be used by the lender to pay taxes and insurance during the term of the loan. The amounts collected at closing will vary depending on the month of closing and when the taxes and insurance premiums are due. These items will always be charged to the Buyer/Borrower unless the Buyer and the Seller have agreed otherwise in the Purchase Contract.

Section 1100: Title Fees.

This section includes all fees charged by the closing attorney or title company. These fees are charged to the Buyer or the Seller depending on the terms of the Purchase Contract or local custom.

Line 1101: Fee charged to prepare for and conduct the closing

Line 1102 or 1103: Fee charged to perform the title search (a search of the public records to determine property ownership and liens)

Line 1104: Fee charged for the title commitment (the agreement to issue title insurance for the property upon closing and the satisfaction of certain conditions)

Line 1105: Fee charged for the preparation of the deed and/or other documents for the closing.

Line 1108: Total of title insurance premium to be paid (total of lines 1109 and 1110).

Line 1109: Amount of title insurance premium for Lender’s Title Insurance.

Line 1110: Amount of title insurance premium for Owner’s Title Insurance.

Line 1111 through 1115: Fees for Title Insurance Endorsements to provide additional coverage to the title insurance policy or policies. These Endorsements are added to the Lender’s title insurance policy at the request of the lender. Some Endorsements are also available to the Owner’s Policy. The number of Endorsements required varyies from closing to closing.

Line 1116: Fee for closing protection coverage (Ohio only). This optional insurance coverage protects the parties opting for coverage against the mishandling of closing funds and other matters by the title company. Ohio law now requires that the title company must offer this coverage to the lender, buyer/borrower and seller in any real estate transaction involving title insurance.

Line 1117: Tax on title insurance premium (Kentucky only). This is a tax paid to counties and/or cities in Kentucky. The rates vary depending on the city and county in which the property is located.

Section 1200: Government fees.

This section includes all fees charged by state, county and/or city governments for the recording of documents and transfer of title.

Line 1201: Fees paid to the county to record deeds, mortgages and other documents.

Line 1202: Fee or tax paid to the county to transfer title to a new owner.

Section 1300: Other charges.

This section includes miscellaneous charges to providers of other services related to the closing and charges that may not fit under one of the other sections of the closing statement.

Line 1301: Fee charged by a surveyor for a survey. A survey may be required by the Purchase Contact, by the lender or by the title insurance company.

Line 1303: Fees charged by the title company to process and send overnight courier packages to deliver documents or payoff checks.

Line 1304: Fees charged by the title company to process and send or receive funds by wire transfer.

Section 1400: Total Settlement Charges to the Buyer/Borrower and the Seller.

These amounts will be transferred to the first page to calculate the total amounts due to or from the Buyer/Borrower and the Seller at Closing.