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:: Who Pays What?
The seller can generally be expected to pay for:
- Real State commission
- Document preparation fee for deed
- Documentary transfer tax
- Any County transfer / conveyance tax (according to contract)
- City transfer tax, if applicable, is negotiable
- Any loans fee required by buyer’s lender
- Payoff of all loans in seller’s name (or Existing loan balance
if being assume by Buyer)
- Interest accrued to lender being paid off. Statements fees, reconveyance
fees and any prepayments penalties
- Termite inspection
- Any judgments, tax liens, etc, against the Seller.
- Tax preparation (for any taxes unpaid at time of transfer of title)
- Any unpaid homeowner’s dues
- Recording charges to clear all documents of record against seller
- Any bonds or assessments (according to contract)
- Any and all delinquent taxes
- Notary fees
- Home Warranty
The buyer can generally be expected to pay for:
- Title insurance premium- Owner’s Policy
- Title insurance premium- Lender’s Policy
- Escrow fee
- Document preparation (if applicable)
- Notary fees
- Recording charges for all documents in buyer’s name
- Tax preparation (from date of acquisition)
- Homeowner’s transfers fee
- All new loan charges (Except those required by lender for seller
to pay)
- Interest on new loan from data of funding to 30 days prior to
first payment date.
- Assumption / Change of Records fees for take –over of existing
loan
- Beneficiary Statements fee for assumption of existing loan
- Inspection fees (roofing, property inspection, geological, etc.)
- Fire insurance premium for first year
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Other Frequently Asked Questions
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