The seller can generally be expected to pay for:
- title insurance premium & escrow fee
- real estate commission
- document preparation fee for deed
- documentary transfer tax ($1.10 per $100 of sales price
- any city transfer on conveyance tax
- any loan fees required by buyer's lender
- 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 inspection (according to contract)
- home warranty (according to contract)
- any judgements, 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 (according to contract)
- any and all delinquent taxes
- notary fees
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The buyer can generally be expected to pay for:
- title insurance premium
- escrow fee
- 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 acquisition)
- homeowner's transfer fee
- all new loan charges (except those requires by lender for seller to pay)
- interest on new loan from date of funding to 30 days prior to first payment
- 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 (according to contract)
- city transfer or conveyance tax (according to contract)
- fire insurance premium for first year.
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| Yours or Theirs - the personal vs. Real Property Dilemma
The distinction between personal property and real property can be confusing. The purchase contract is normally written to include all real property; that is, all aspects of the property that are fastened down or an integral part of the structure. For example, this would include attached mirrors, light fixtures, drapery rods, trees and shrubs in the ground. It would not include freestanding refrigerators, potted plants, washers and dryers, microwaves, bookcases, swag lamps, etc. If there is any uncertainty whether an item is included in the sale or not, it is best for be sure that the particular item is mentioned in the purchase contract as being included or excluded. Remember...when in doubt...write it out! |