Recurring vs. Non-recurring Closing Costs

For a buyer, closing costs are everything outside of the purchase price that a buyer pays to complete a real estate transaction.

For a seller, closing costs are all the fees, except liens or encumbrances, that are deducted from the purchase price.
 Some examples of closing costs include documentary transfer tax; city / county transfer or property taxes; inspections; loan fees such as points and prepaid interest.
Costs or expenses in an escrow are classified as either recurring or non-recurring.

 

Recurring Closing Costs

Costs which the party pays at closing but will continue to pay after the escrow closes as the normal cost of maintaining the property.

• Fire Insurance Premium
• Homeowner’s Association Dues
• Real Property Taxes
• Interest on the New Loan

Non-Recurring Closing Costs (NRCC)
Costs which are charged ONE TIME ONLY as an expense of closing the transaction.

Title Company Expenses such as:

• Title Insurance Premiums
• Recording Fees
• Endorsements to Title Policies
• Sub-Escrow Fee which may be due Title Company
• Reconveyance Fees
• Documentary Transfer Tax
• Escrow Fees
• Notary Fees
• Messenger Fees

In the case of a refinance:

• Fees Associated With Making an Existing Loan Payoff
• Transfer or Document Fees to a Homeowner’s Association

Lender’s Costs such as:

• Appraisal
• Credit Report
• Loan Origination
• Loan Processing
• Document Fees
• Tax Service Contract

In the case of a sale:

• Real Estate Broker Commissions
• Fees for Property Disclosures or City Reports
• Transaction Coordinator Fee
• Home Warranty Premium

Taylor Morrison Pays the Closing Costs of Select Homes if you get into contract Before November 30th and Use the Seller's Approved Lender, Taylor Morrison Home Funding, LLC

Taylor Morrison Pays the Closing Costs of Select Homes if you get into contract Before November 30th and Use the Seller's Approved Lender, Taylor Morrison Home Funding, LLC

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Seller will pay all applicable Closing Costs at Closing, excluding discount points or pre-paids if qualified buyer uses the Seller's Approved Lender, Taylor Morrison Home Funding, LLC.