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Cost Breakdown; Who Pays What?
The "seller" generally pays:
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The "buyer" generally pays:
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- Real estate commission
- One-half escrow fee (subject to customary regional practice)
- Premium for Owner's Policy of Title Insurance
- Documentary transfer tax
- Document preparation for deed
- Payoff of all loans in seller's name
- Ordering Demand Fee from escrow
- Accrued interest to lender being paid off, statement fees, reconveyance fee, and any prepayment penalties
- Termite inspection and/or work (Negotiable; according to contract)
- Pool, roof, septic or other inspections (according to contract)
- Home Warranty (Negotiable; according to contract)
- Natural Hazards Report
- Any judgments, tax liens, etc. against the seller
- Tax proration (for any taxes unpaid at time of transfer of title)
- Recording charges to clear all documents of record against seller
- Any unpaid homeowners dues
- Homeowners association transfer fee (according to contract)
- Any bonds or assessments (according to contract)
- Any and all delinquent taxes
Note:
On some FHA, VA or other government backed loans, the seller would pay
some loan fees that the buyer cannot pay due to lender requirements.
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- One-half escrow fee (subject to customary regional practice)
- Premium for Lender's Policy of Title Insurance
- Document preparation (if applicable) to prepare docs
- Notary Fees (notary fee is never charged on First American Title transactions)
- Recording charges for all documents in buyer's name
- Termite Inspection and/or work (Negotiable; according to contract)
- All new loan charges (except those required by lender for seller to pay - see note)
- Interest on new loan from date of funding to 30 days prior to first payment date
- Assumption/change of records fees for takeover of existing loan
- Beneficiary statement fee for assumption of existing loan
- Inspection fees (property inspection, geological, etc.)
- Tax proration (from date of acquisition)
- Homeowners dues proration (from date of acquisition)
- Home Warranty (Negotiable; according to contract)
- Fire (and Flood, if applicable) Insurance premium for the first
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