Nevada City Virtual Tour

Sunday, April 8, 2012

Who pays what Fees - Confused?

Confused by Who Pays What Fees?

The SELLER can generally be expected to pay for:
  • Real Estate Commission
  • Document preparation fee for Deed
  • ½ Escrow fee Payoff of 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 any Prepayment Penalties
  • Termite inspection (according to contract)
  • Termite work (according to contract)
  • Home warranty (according to contract)
  • Any judgments, tax liens, etc., against the seller
  • Recording charges to clear all documents of record against seller
  • Tax pro-ration (for any taxes unpaid at time of transfer of title)
  • Any unpaid homeowner's dues
  • Any and all delinquent taxes
The BUYER can generally be expected to pay for:
  • Title insurance premiums
  • ½ Escrow fee
  • Document preparation (if applicable)
  • Recording charges for all documents in buyer's names
  • Termite inspection (according to contract)
  • Tax pro-ration (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/change of records fees for takeover of existing loan
  • Beneficiary statement fee for assumption of existing loan
  • Inspection fees (roofing, property inspection, geological, etc.)
  • Home warranty (according to contract)
  • Fire insurance premium for first year
Please visit http://www.callgarytoday.com/ and see why Gary Tippner is different.

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