Here are the traditional distribution of expenses associated with a purchase of real estate. However, many of these items can be negotiated by both parties at the time of the offer, excluding some expenses required by the lender to be paid specifically by seller.
Buyers typically pays for:
- Escrow fees
- Document preparation(if applicable)
- Notary fees
- Recording charges for all documents in buyer’s name
- Termite inspection(according to contract)
- Tax proration(from date of acquistion)
- 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
- Beneficiary Statment fee for assumption of existing loan
- Inspection fees(roofing, property inspection, geological, etc.)
- Lender’s policy
- Fire insurance premium for first year
Seller typically pays for:
- Real estate commission
- Escrow fees
- County documentary transfer tax
- Homeowner’s transfer fee
- Applicable city transfer/conveyance tax
- Document preparation fee for deed
- Any loan fees required by buyer’s lender
- Payoff of all loans in seller’s name
- Interest accrued to lender being paid off
- Statement fees, reconveyance fees and any prepayment penalties
- Termite inspection and termite work(according to contract)
- Home warranty
- Any Judgements, tax lien, etc. against seller
- Tax proration
- Any unpaid homeowner’s dues
- Recording charges to clear all documents of record against seller
- Any bonds or assessments
- Any and all delinquent taxes
- Notary fee – escrow fee
- title insurance premium: Owner’s Policy
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