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Buyer's Guide - Buyer Pays... Seller Pays...

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Who Pays for What?

 

The BUYER can generally be expected to pay for:

  • Title insurance premiums
  • Escrow Fee
  • Document preparation (if applicable)
  • Notary fees
  • Recording charges for all documents in buyer's names
  • Termite Inspection (according to contract)
  • Tax pro-ration (from date of acquisition)
  • Homeowner's transfer fee
  • All new loan charges (except those required by 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

 

The SELLER can generally be expected to pay for:

  • Real Estate Commission
  • Document preparation fee for Deed
  • Documentary transfer tax ($1.10 per $1,000.00 of sales price)
  • 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 judgements, tax liens, etc., against the seller
  • Recording charges to clear all documents of record against seller
  • Tax pro-ration (for any taxes unpaid at time of transfer of title)
  • Any unpaid Homeowner's dues
  • Any bonds or assessments (according to con- tract)
  • Any and all delinquent taxes
  • Notary Fees

 

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