Who Pays for What

Who Pays for What?
One very common question of real estate transactions is, “Who pays for what on a real estate transaction”. Below is a list to give you an idea of some of the common expectations, but this list will vary from region to region. Also, depending on whether its a buyer or seller market, there could possibly be a change to the common fee responsibility. This is a breakdown of what the SELLER and BUYER would each generally be expected to pay for.

SELLER:
 Real Estate Commission
 Document preparation fee for Deed
 Documentary transfer tax
 Any city Transfer/Conveyance Tax (according to contract)
 Any loan fees required by buyers lender
 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
 Tax proration (for any taxes unpaid at time of transfer of title)
 Any unpaid homeowners dues
 Title insurance Premium
 Recording charges to clear all documents of record against seller
 Any bonds or assessments (according to contract)
 Any and all delinquent taxes
 Notary Fees
 Escrow Fee
BUYER:
 Title Insurance Premium
 Escrow Fee
 Notary Fee
 Document Preparation (if applicable)
 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 require by the 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
 Inspection fees (roofing, property inspection, geological, etc.)
 Home warranty (according to contract)
 City transfer/Conveyance Tax (according to contract)
 Fire insurance Premium for first year