WHO PAYS FOR WHAT IN THE PURCHASE AND SALE OF A HOME?
The Seller can generally be expected to pay for:
- Real Estate Commission
- Document preparation fee for deed
- Document transfer tax
- Any city transfer/conveyance tax
- Payoff of all loans in seller's name (or existing loan balance if being assumed by buyer)
- Statement fees, re-conveyance fees and prepayment penalties
- Home warranty (according to contract)
- Any judgement, tax liens, etc., against the seller
- Tax proration (for any taxes unpaid at the time of transfer of title)
- Any unpaid Homeowner's Association 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 - escrows fee
- Title insurance premium - Owner's Policy
The Buyer can generally be expected to pay for:
- Lender's policy Escrow fee Document preparation (if applicable)
- Notary fees Recording charges for all documents in buyer's name
- 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
- Inspection fees (roofing, sewer, chimney, property inspection, geological, etc.)
- Fire insurance premium for the first year
