Closing Costs in Fairfield County

Buyers and Sellers are each responsible for certain closing costs in the transfer of property.

Buyer’s Responsibility
• Legal fees: $750-$2000 depending on cost of home and town.
• If a title search warrants a survey the cost can be $1000+.
• Title Insurance: Cost $2.85 /per $1000 borrowed. It protects a lender’s financial interests in real property against loss due to title defects, liens, or other matters, and is required nationwide.
• Appraisal Fees: $425-$1000 depending on size and location.
• RE Property Escrows due at closing: 8-9 month’s tax and insurance escrows are typically required by the lender depending upon several variables. These 3-6 month of tax funds are held with the lender who will pay your tax bill on your behalf.
• Homeowner Insurance: The lender will require the first year’s insurance premium paid in full prior to closing.
• Lender Fees: ~$1650.
• Deed Recording Fees: $400.
• Building inspections $475-$2000 depending on size and location of the home, plus well, septic, termite, radon, asbestos, swimming pool inspections as needed.

Seller’s Responsibility
• Legal Fees: $750-$2000 depending on cost of home and town.
• Real Estate Conveyance Taxes:
- Local Conveyance: $2.50/$1000-$5.00/$1000-depending on the municipality.
- State Conveyance: .75% of the first $800,000; 1.25% of any portion of the sales price that exceeds $800,000; then 2.25% on the portion of the sales price that exceeds $2.5Million.
• Real Estate Brokerage Commission.
• Liens against the Property.
• Repairs agreed upon as a result of the inspection process. Above pricing is estimated only—actual cost can vary due to area and service provided.

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Lisa Stugart, a Greenwich-based real estate agent