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The Seller Generally Pays:
- Real estate commission
- Document preparation fee for deed
- Documentary transfer tax
- Any city transfer/conveyance tax (according to contract)
- 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 preparation penalties
- Termite inspection (according to contract)
- Termite work (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 homeowner's insurance
- Recording charges to clear all documents of record
against seller
- Any bonds or assessments (according to contract)
- Any and all delinquent taxes
- Notary fees and Escrow Fees
- Title insurance premium
The Buyer Generally
Pays:
- 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 required by lender for
seller to pay if applicable)
- Interest on new loan from date of funding to 30 days
prior to first payment date
- Assumption/charge 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)
- File insurance premium for first year
The distinction
between personal and real property can be the source of difficulties in a real
estate transaction. A 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 not include potted
plants, free-standing refrigerators, washer/dryers, microwaves, bookcases, swag
lamps, etc. If there is any uncertainty whether an item is included in the sale
or not, it is best to be sure that the particular item is mentioned in the
purchase agreement as being included or excluded.
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