In a buy/sell transaction, the closing fee is split between both parties. The seller typically pays for the owner’s policy- title insurance, sales commission, transfer tax ($8.60 per thousand, based upon the sales price), deed preparation and any overnight fees. The buyer typically pays for the recording fee of the deed and all mortgage related documents. If the buyer is getting a loan, then loan fees may apply. Generally, your closing costs will be between 3 and 5 percent of your purchase price.