411 Home Repair
 

411homerepair.com

Latest Articles

Glass Fencing: Finding Balance in the Yard with this Simple Addition

There are so many things to think about when building or remodeling property. Sometimes projects don’t come together like we had planned and...

on Dec 8, 2016

Super Eco Home Improvements to Add Real Value to Your Modern Home

Over the past decade, people have gone from freely using resources to eventually coming to the realization that it is critical to work to conserve...

on Dec 7, 2016

5 Ideas for DIY Decorations for Upcoming Winter Holidays

The holidays are coming up and it is time to think about preparations. Most people associate winter holidays with family, close people, favorite...

on Dec 6, 2016

Things You Should Monitor in Your Home

As a homeowner, it is vital that you are monitoring your home for things such as black mold, methane gas, carbon monoxide, and radon gas. To ensure...

on Dec 5, 2016

Cleaning Up After a Big Paint Job? Here's How to Clean Your Paint Brush the Right Way!

Have you recently moved into a new house or apartment that you want to give a fresh look? Have you picked out all your paint colors and bought new...

on Dec 4, 2016

Who Pays for What in Real Estate?

by Guest on May 15, 2012

One very common question of real estate transactions is, "Who pays for what on a real estate transaction". Below is a list to give you an idea of some of the common expectations, but this list will vary from region to region. Also, if it's a buyer's or seller's market could possibly change the common fee responsibility.

Seller or Buyer

The SELLER could generally be expected to pay for the following.

  • Real Estate Commission
  • Document preparation fee for Deed
  • Documentary transfer tax
  • Any city Transfer/Conveyance Tax (according to contract)
  • Any loan fees required by buyer's lender
  • Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
  • Interest accrued to lender being paid off, Statement Fees, reconveyance Fees and any Prepayment Penalties
  • Termite Inspection (according to contract)
  • Termite Work (according to contract)
  • Home Warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Tax proration (for any taxes unpaid at time of transfer of title)
  • Any unpaid Homeowner's dues
  • Title Insurance Premium
  • Recording charges to clear all documents of record against seller
  • Any bonds or assessments (according to contract)
  • Any and all delinquent taxes
  • Notary Fees
  • Escrow Fee

The BUYER could generally be expected to pay for the following.

  • Title Insurance Premium Escrow Fee
  • Notary Fee
  • Document preparation (if applicable)
  • Recording charges for all documents in buyer's name
  • Termite Inspection (according to contract)
  • Tax proration (from date of acquisition)
  • Homeowner's transfer fee
  • All new loan charges (except those require by the lender for seller to pay)
  • Interest on new loan from date of funding to 30 days prior to first payment date
  • Assumption/Change of Records fees for takeover of existing loanBeneficiary Statement Fee for assumption of existing loan
  • Inspection Fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • City transfer/Conveyance Tax (according to contract) Fire insurance Premium for first year

Sponsored Articles

Random Articles

Anyone for Tennis?

As the leaves fall and inclement weather returns, a game of tennis may be the last thing on your mind. However just imagine a lazy summer afternoon...

Garden / Landscaping

The Importance of Keeping Your Home Clean

Every professional would prove that a clean house is a must because the cleanliness of the house influences the health and well-being of the entire...

Cleaning / Maintenance

How to Roofing Clean Gutters

There are two main areas of a gutter to clean. The interior gutter, where all the debris collects, and the exterior of the gutter. The interior...

Roofing / Gutters

Do You Really Need an Underlay for Your Carpet?

After spending a good amount of money for your carpet, you may be wondering whether having a cheap underlay for your carpet is important. Maybe you...

Floors / Tile / Hardwood

Money Saving Techniques for Building or Remodeling

With home building and remodeling costs on the rise, finding ways to save money is very important when you are trying to stay on a budget. The...

Improvements / Remodeling

Actions

Contact Us | Submit Article | RSS | 411homerepair © 2016