Home Buying in 06066>Question Details

John Warren, Home Buyer in Vernon, CT

who pays the closing costs?

Asked by John Warren, Vernon, CT Sun Nov 9, 2008

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6
The seller can pay for closing costs if your type of mortgage would allow it.
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Anne Miller.
0 votes Thank Flag Link Sun Mar 11, 2012
If you have the closing costs as part of the purchase price, you will still be paying them, however, you will be financing them at very low rates. Then, you can have monies in reserves in case of emergencies.
0 votes Thank Flag Link Fri Sep 16, 2011
In Georgia, this is a negotiable item and can be requested by the buyer that the seller will pay their closing costs. They can make the request with the initial offer to purchase. Sometimes it is more beneficial for the buyer to pay the seller more on the sales price and have the seller pay the associated closing costs. This helps the buyer reduce the amount of money they will need at closing.
0 votes Thank Flag Link Sat Oct 24, 2009
Usually the buyer does pay the closing cost. Be aware of when someone like lenders/mortgage brokers tell you, "you don't have to pay closing cost". Double check that, because some times they build this into your mortgage. Also look at the list that Dan also mentioned below. Hope this helps.

- Sonia Holmes
0 votes Thank Flag Link Wed Nov 12, 2008
Actually, this varies and, of course, everything is negotiable.

Typically, the buyer pays for: inspections, title insurance, appraisal, lender fees.
Typically, the sellers pays for: any negotiated repairs, conveyance taxes.
Buyer and seller each pay for their own attorneys.

Seller usually pays for the real estate agent commissions, but this is also partly determined by the Buyer Broker Agreement the buyer signs with their agent.
0 votes Thank Flag Link Sun Nov 9, 2008
the person buying the property is responsible for settlement cost of their purchase
0 votes Thank Flag Link Sun Nov 9, 2008
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