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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
Contact an Access Real Estate Professional Today for
a Consultation to Develop Your Home Buying Plan!
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