Are you trying to budget for a home purchase or sale in Toccoa and not sure what closing costs actually cover? You are not alone. When you understand who pays what in Georgia and what fees to expect in Stephens County, you can plan with confidence and avoid last-minute surprises. In this guide, you will learn typical buyer and seller costs, local items to verify, and simple example budgets you can use to prepare. Let’s dive in.
What closing costs include
Closing costs are the fees and prepaid items needed to complete the sale and transfer of a property. They are separate from your down payment and your monthly mortgage payment. In Georgia, closings are handled by a title company or closing attorney, and you will receive federally required disclosures that outline the numbers before you sign.
- Buyers often budget about 2% to 5% of the purchase price for closing costs, not including the down payment.
- Sellers often see 6% to 10% of the sales price when agent commissions are included. Actual numbers vary by deal.
Typical totals in Toccoa
While every transaction is unique, these ranges are a helpful starting point for Stephens County:
- Buyers: plan for about 2% to 5% of the price, depending on loan type and any seller-paid costs.
- Sellers: plan for 6% to 10% of the price, with real estate commission usually the largest line item.
Buyer closing costs in Toccoa
Loan and lender fees
- Loan origination and lender fees: often 0.5% to 1.5% of the loan amount. These are negotiable and sometimes offset by seller credits.
- Discount points: optional prepaid interest to lower your rate. One point equals 1% of the loan amount.
- Credit report fee: usually a small flat amount, commonly around $25 to $50.
Appraisal, inspections, and survey
- Appraisal: typically $300 to $700 or more, depending on the property.
- Home and pest inspections: often $50 to $400 each, based on scope and size. You usually pay these prior to closing.
- Survey: only if requested by you or your lender. Costs can range from about $300 to over $1,000 depending on the lot.
Title and recording
- Lender’s title insurance policy: required by most lenders and paid by the buyer. The cost follows published rate schedules.
- Owner’s title policy: in many Georgia deals, the seller purchases this for the buyer, but it is negotiable. Confirm the custom for your contract.
- Recording fees: cover the recording of the deed and mortgage with the county. Amounts are modest and set by county schedule.
Prepaids and escrows
- Property taxes and homeowners insurance: your lender may collect several months at closing to fund your escrow account.
- Prepaid interest: covers the daily interest from closing to your first mortgage payment.
Other common fees
- Escrow or closing fee: charged by the closing attorney or title company. It is often split but can be negotiated.
- Flood certification, wire, courier, and HOA transfer fees: typically small, but they add up. HOA fees vary by community.
Seller closing costs in Toccoa
Commissions and title policy
- Real estate commission: commonly around 5% to 6% of the sales price for the total broker commission. Commission is negotiable and split between listing and buyer agents per the listing agreement.
- Owner’s title insurance policy: in many Georgia transactions, the seller customarily pays for the buyer’s owner’s policy. This can be negotiated.
Payoffs, prorations, and fees
- Mortgage payoff: any existing liens are paid off from your sale proceeds.
- Prorated property taxes: you pay taxes up to the closing date. The settlement statement will show the exact proration.
- Recording fees for mortgage release and other lien payoffs: small county fees apply.
Concessions and repairs
- Seller concessions: credits toward the buyer’s closing costs or interest rate buydown if negotiated in the contract.
- Repairs or escrow holdbacks: if agreed upon for items that need completion or correction.
Who pays what in Georgia
Custom can vary by county and contract, but here is what is common in Georgia:
- Seller typically pays broker commissions and often the owner’s title policy for the buyer.
- Buyer pays lender charges, the lender’s title policy, inspections, and most prepaid escrows.
- Recording fees and the closing fee are often split or assigned by contract. Mortgage recording is typically a buyer cost, and deed recording is often a seller cost. Confirm with the closing attorney or title company in Stephens County.
Local specifics to verify in Stephens County
- Recording fees: these are set by county schedule and can change. Confirm current per-page and instrument fees with the Stephens County Clerk or Recorder.
- Property taxes: verify billing cycles, millage rates, and whether taxes are paid in arrears with the Stephens County Tax Commissioner.
- HOA items: check whether your neighborhood has an HOA and what it charges for disclosures or transfer.
- Title and closing customs: ask local title companies or closing attorneys in Toccoa who typically pays the owner’s policy and how the closing fee is split.
Illustrative closing cost examples
These examples are for education only. Your actual numbers will vary. Always request itemized estimates from your lender and closing attorney or title company.
Example A: Purchase price $150,000
Buyer
- Estimated closing costs at 3%: about $4,500
- Typical components: appraisal around $400, lender fees or points if any, lender’s title policy, inspections, recording fees, and prepaids for taxes and insurance
- Down payment example only: 5% equals $7,500 (not a closing cost)
Seller
- Commission at 6%: $9,000
- Other seller costs: about 1% to 2% or $1,500 to $3,000 for items like owner’s title policy, prorated taxes, and release fees
- Total estimated seller costs: roughly 7% to 8% of the price in this scenario
Example B: Purchase price $300,000
Buyer
- Estimated closing costs at 3%: about $9,000
- Components scale with price: title premiums and escrow prepaids may be larger
Seller
- Commission at 6%: $18,000
- Other seller costs: about 1% to 2% or $3,000 to $6,000
- Total estimated seller costs: about 7% to 8% overall
How to get precise numbers
- Ask your lender for a Loan Estimate early. It outlines your expected loan-related costs so you can compare lenders.
- Request an itemized estimated settlement statement from your closing attorney or title company.
- Review your Closing Disclosure at least three business days before closing and ask questions about any line item you do not recognize.
- Confirm county recording fees and tax proration details with Stephens County offices so you know the local schedule.
Smart negotiation tips
- Ask who pays for the owner’s title policy. In many Georgia deals the seller pays, but you can negotiate.
- Buyers can request seller credits toward closing costs or a temporary rate buydown, subject to loan program limits.
- If you are selling, consider offering a targeted credit to help buyers with rate or cost relief. Make it explicit in the purchase contract and ensure it appears on the settlement statement.
Ready to plan your closing?
A clear plan makes your Toccoa closing simple and stress-free. If you want local guidance, an itemized prep list, or help coordinating with lenders, title companies, and contractors, we are here to help. Reach out to Cooper Dalrymple for hands-on support from contract to keys.
FAQs
Who pays closing costs in Georgia?
- Costs are negotiated in the contract. Sellers typically pay broker commissions and often the owner’s title policy, while buyers pay lender charges, the lender’s title policy, inspections, and prepaids. Confirm local practice in Toccoa with your closing attorney or title company.
Can a seller pay a buyer’s closing costs in Toccoa?
- Yes. Seller concessions are common and negotiable, though your lender may limit how much can be credited based on the loan program. Put any agreed amount in the contract.
When do buyers bring funds to closing in Stephens County?
- You bring certified funds or wire the amount on your Closing Disclosure, typically due on closing day. Follow the wiring instructions from your closing attorney or title company.
How do you get an exact closing cost number in Toccoa?
- Request a Loan Estimate from your lender and an itemized estimated settlement statement from your closing attorney or title company. Confirm county recording fees with Stephens County offices.
