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Aware of Who Pays What? |
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The Seller Can
Generally Be Expected to Pay for
- Real estate commission
- owners title insurance policy
- 1/2 of sub-escrow fee
- 1/2 of escrow fee
- document preparation fee for deed
- Documentary transfer tax
- City transfer of conveyance tax
- Loan fees required by buyer's (FHA/VA)
- Payoff all loans in seller's name
- Interests accrued to lender being paid off,
statement fees, reconveyance fees and prepayment
- Termite inspection (according to contract)
- Home warranty (according to contract)
- Any judgments, tax liens, etc., against the seller
- Tax proration (for any taxes unpaid at closing)
- Any unpaid homeowners dues
- Recording charges to clear all documents of record
against seller
- Any bonds or assessments (according t contract)
- Any and all delinquent taxes
- Notary fees
The
Buyer Can Generally Be Expected to Pay for
- Lenders title insurance policy
- 1/2 of sub-escrow fee
- 1/2 of escrow fee
- document preparation fee for deed
- Notary fees
- Recording charges for all documents in buyer's
name
- Termite inspection (according to contract)
- Tax proration (for any taxes unpaid at the
closing)
- Homeowner's transfer fee
- All new loan charges (except FHA/VA)
- Interests on new loan from date of funding to 30
days prior to first payment date
- Assumption or change of records fee on existing
loan
- Beneficiary statement for assumption of existing
loan
- Inspections fees (roofing, property, geological,
etc.)
- Home warranty (according to contract)
- City transfer tax (according to contract)
- Fire insurance premium for first year
Yours or Theirs - The Personal vs. Real Property Dilemma
The distinction between personal property and
real property can be the source of difficulties in a
real estate transaction. The purchase contract is
normally written to include all real property; that is,
all aspects of the property that are fastened down or an
integral part of the structure. For example, this would
include light fixtures, drapery rods, attached mirrors,
trees, and shrubs in the ground. It would not include
potted plants, freestanding refrigerators, washers and
dryers, microwaves, book cases swag lamps, etc. If there
is any uncertainty whether an item is included in the
sale or not, it is best to be sure that the particular
item is mentioned in the purchase contract as being
included or excluded.
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