Make a firm resolution not to overextend yourself. The down payment is made, the mortgage signed, and the deed is conveyed at the closing. In addition, many settlement costs are paid by the buyer at the time of the closing. The seller is responsible for the real estate broker's fee, for any points charged to the seller by the lending institution on the mortgage, and for any fees the seller has agreed to pay for or divide with the buyer. Settlement and closing costs vary from one area to another and even from one lending institution to another.
Estimates help the buyer compare costs between lending institutions.
A uniform settlement statement also is available to the borrower one business day before closing. This shows the figures available at that time for settlement charges. At the settlement, the uniform statement is given to the borrower or mailed if there is no actual settlement meeting. Settlement costs between buyer and seller. If a builder or a seller pays an entire year's property expenses in advance but sells it before the year is out, the amount paid beyond the date of selling is adjusted at the closing.