Who Pays for What
Seller Responsibilities
The seller can generally be expected to pay for:
- - Real Estate Commission
- - Document preparation fee for Deed
- - 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.
- - Any judgments, tax liens, etc., against the seller.
- - Tax proration (for any taxes unpaid at time of transfer of title)
- - Any unpaid Homeowners 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
- - Escrow Fee (one half)
- - Title Insurance Premium for Owner´s Policy
Buyer Responsibilities
The buyer can generally be expected to pay for:
- - Title insurance Premium for Lender´s Policy
- -Appraisal
- - Escrow Fee (one half)
- - Document preparation
- - Notary Fees
- - Recording charges for all documents in buyers names
- - Tax proration (from date of acquisition)
- - Homeowners 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.
- - Inspection Fees (roofing, property inspection, geological, termite, etc.)
- - City Transfer/Conveyance Tax (according to contract)
- - Hazard Insurance Premium for first year
