For the most part, the payment of closing costs is a negotiable term under your real estate agreement. However, it is customary in Pierce County and elsewhere in Washington that the buyer pays the following costs at closing:
- Wood destroying organism (pest) reports and home or other special inspections.
- Costs associated with mortgage financing. If you are financing your purchase, your lender will provide you with a Good Faith Estimate of Closing Costs. The Good Faith Estimate will include the above described costs as well as the Lender’s costs. (See HUD Web site for guide book http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/rmra/res/settlement-cost-booklet03252010)
- Recording fees to record deeds and mortgages (Deed of Trust) in the public records.
- One-half of the escrow fee.
- •A lenders policy of title insurance.
Attorney at Law
Blado Kiger Bolan, Tacoma, Wash.