|
.
|
|
Who
Pays for What?
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
loan
- Beneficiary
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
|
|
.
|
