Who Pays for What in the Real Estate Transaction?
The Seller Generally Pays for:
- Real Estate Commission
- Escrow Fees (50%)
- Document Preparation Fee
- Documentary Transfer Tax ($1.10 per $1000 of Sale)
- Any Loan Fees Required by Buyer’s Lender (Government Loans)
- Payoff of All Loans in Seller’s Name
- Interest Accrued to Lender Being Paid Off
- Termite Inspection (according to contract)
- Home Warranty (according to contract)
- Any Judgements, Tax Liens, etc. Against the Seller
- Tax Proration
- Any Unpaid Homeowner’s Dues
- Recording Charges to Clear all Documents of Record Against Seller
- Any Bonds or Assessments (Check Contract)
- Any & All Delinquent Taxes
- Homeowner’s Title Insurance Policy Premium
- Homeowner’s Association Transfer Fee – Doc Fees
- Zone Disclosure Report
The Buyer Generally Pays for:
- Title Insurance Premium for Lender’s Policy
- Escrow Fee (50%)
- Document Preparation (if applicable)
- Recording Charges for all Documents in Buyer’s Name
- Termite (according to contract)
- All New Loan Charges (except those paid by seller) – Government Loans
- Interest on New Loan from Date of Funding to 30 Days Prior to First Payment Date
- Assumption/Change of Records Fee for Take-over of Existing Loan
- Inspection Fees (proper inspection, roofing, geological, etc.)
- Fire Insurance Premium (1st year)
- Next Month’s HOA Fee(s)
