The Seller generally pays for:
- Real Estate Commission
- Notary fees
- Title Insurance Premium
- Escrow Fee (seller’s portion)
- Document preparation fee for Deed
- Documentary transfer tax ($ 1.10 per $1000.00 of sales price)
- Payoff of all loans in seller’s name (or existing loan balance if being assumed by buyer)
- Interest accrued to lender being paid off (to closing date)
- Statement Fees, Reconveyance Fees and any Prepayment Penalties, if any
- Termite Inspection (according to contract)
- Termite Work (according to contract)
- Home Warranty (according to contract)
Any judgments, tax liens, etc., against the seller - Property Tax prorating, to closing date
- Any unpaid Homeowner’s dues Association Dues
- Recording charges (for any taxes unpaid time of transfer of title)
- Any bonds or assessments (according to contract)
- Any and all delinquent taxes (for any taxes unpaid at time of closing)
- Sometimes the Buyer’s Closing Costs (according to the contract)
The Buyer generally pays for:
- Title Insurance Premium (Buyer’s lender portion)
- Escrow Fee (Buyer’s portion)
- Document preparation (if applicable)
- Notary Fees
- Recording charges for all documents in buyer’s names
- Property tax prorating from date of acquisition
- 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
- Inspection fees (roofing, property inspection, etc.)
- City Transfer/Conveyance Tax (according to contract)
- Fire Insurance Premium for first year
- Appraisal Fee
- Credit Report
- Any additional home warranty options
YOURS OR THEIRS-The Personal Property vs. Real Property Dilemma
The distinction between personal property and real property can be the source of difficulties in a real estate transaction. A purchase contract is normally written to include all real property; that is, all aspects of the property that are fastened down or an integral part of the structure. For example, this would include light fixtures, drapery rods, attached mirrors, trees and shrubs in the ground. It would not include potted plants, freestanding refrigerators, washer/dryers, microwaves, bookcases, swag lamp, etc. If there is any uncertainty whether an item is included in the sale or not, it is best to be sure that the particular item is mentioned in the purchase agreement as being included or excluded. This way there will not be any disappointments at the closing.
