Who Pays What In A Real Estate Transaction?
Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary, therefore, please consult a professional for specific advice.
real estate transaction
Sellers Cost
SELLERS: Can generally be expected to take care of the following expenses.
Owner’s” title insurance policy premium
Escrow fee
Real estate commission
Document preparation fee for deed
Documentary transfer tax (typically $1.10 per $1,000.00 of sales price) City transfer or conveyance tax (defined by contract)
Any loan fees required by buyer’s lender (FHA,VA)
Payoff 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 prepayment penalties
Termite work (defined by contract, depending on the loan program the lender may require the seller to pay the termite work.) .
Home warranty (defined by contract)
Any judgments, tax liens, etc., against the seller Tax proration (for any taxes unpaid at time of transfer of title)
Any unpaid homeowner’s dues
Recording charges to clear all documents of record against seller
Any bonds or assessments (defined by contract) Any and all delinquent taxes Notary fees
Homeowner’s transfer fee Messenger fees (if applicable)
Buyers Cost
BUYERS: Can generally be expected to take care of the following expenses.
“Lender’s” title insurance policy premium
Escrow fee Document preparation (if applicable)
Notary fees Recording charges for all documents in buyer’s name
Termite inspection (defined by contract)
Tax proration (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
Assumption or change of records fee for takeover of existing loan
Beneficiary statement fee for assumption of existing loan Inspection fees (roofing, property inspection, geological, etc.)
Home warranty (defined by contract)
City transfer or conveyance tax (defined by contract)
Fire insurance premium for the first year
Messenger fees (if applicable)
Andres Morales
949 306 9260
ThankYou@AndresMorales.com
www.AndresMorales.com