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 of sales price)
- Any city transfer/conveyance tax
(according to contract)
- Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
- Interest accrued to old lender, statement fees, reconveyance fees and any prepayment penalties
- Termite inspection (according to contract)
- Termite work (according to contract)
- Home warranty (according to contract)
- Any judgments, tax liens, et., against seller
- Recording charges to clear all documents of record against seller
- Tax proration for any property taxes owned at time of transfer
- Any unpaid Homeowner's dues
- Any and all delinquent taxes
- Notary fees
- Any bonds or assessments (according to contract)
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The BUYER can generally
be expected to pay for:
- Title insurance premiums
- Escrow fee
- Document preparation (if applicable)
- City transfer/conveyance tax (according to contract)
- Notary fees
- Recording charges for all documents in buyer's names
- Tax proration (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 take over of existing loan
- Inspection fees (roofing, property inspection, geological, etc.)
- Home warranty (according to contract)
- Closing costs usually total 3% - 5% of the purchase price, and are in addition to your down payment
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