Prior to the closing date, you (as either a buyer or a seller) will receive a closing statement that will lay out the line item details of the real estate transaction. The items are set up as debits and credits, with the seller's on one side and the buyer's on the other. The totals, showing what a buyer or seller needs to either bring or receive from closing, are listed at the very bottom of the last page.
Some of the detailed line items include (but not limited to) the sale price of the property, any credits (e.g. if a seller is paying toward closing costs), taxes, loan and processing fees, interest, the appraisal, certifications, homeowner's insurance, title fees, commissions, recording fees, loan payoffs, and home warranty (if applicable).
There can be variations in the line items. For example, tax amounts can vary in different counties, there can be additional taxes for a particular city/neighborhood, commission is affected by the sales price, and the loan amount can affect the pro-rated daily interest rate that is paid.
There are attorney's fees for both the buyer and the seller. The buyer has more closing costs with a loan; however, it is important to note that the seller has to pay a closing fee and a fee for deed preparation work. This is for the attorney's work to essentially get the title transferred. So, it is important to keep in mind, as a seller, that, even if you are paying toward the buyer's closing costs, you will still have title fees to pay at closing.
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