Ann, Home Buyer in Hendersonville, NC

Who pays the realtor's fee; buyer or seller. And closing costs are usually the seller's in N.C?

Asked by Ann, Hendersonville, NC Fri Oct 17, 2008

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Everything is negotiable when you are writing a contract. as a seller you are responsible for the commission,l state tax stamps, deed prep and courier fees to pay off your existingmortgages. as a buyer you pay any points your mortgage company charges, state tax stamps, prorated property taxes, closing company fee and any fees charged to you by your mortgage company. As a seller you can choose to add to your price and credit the buyer with their closing costs whoich is common, as a buyer you can ask teh seller to pay up to 3% of your closing costs. hope this helps.
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1 vote Thank Flag Link Fri Oct 24, 2008
Negoiate. Negotiate. Negotiate. That being said, typcially, the seller will pay the broker commission however, as the other responses have stated, that is not always the case.
Closing costs in general have a breakdown but too some of these can be negotiated. Typically, the buyer will absorb the costs associates with obtaining their loan and attorney fees. The sller typically absorbs the cost of broker commission and of course the excis tax due the government.
But again, some of these may be negotiated as to who will be the bearer of cost.
Do consult with your realtor on these items.
1 vote Thank Flag Link Fri Oct 24, 2008
Most all fees are negotiable in a real estate contract although the lender may have specific requirements.
When a property is listed for sale, the owner and their agent agree on a commission percentage. Usually, the listing agent/broker offers cooperating agents/brokers one-half of that amount. (Not always, but usually)
So, at closing, the title company disperses funds to the listing broker who gives his agent their split according to their separate agreement. The title company also sends a check to the buyer's agent/broker and they split that amount according to their agreement.
Closing costs can be paid by whoever agrees to pay them according to the contract. (Keep in mind that some loans will have restrictions)
Ask your realtor to show you a HUD-1 Final Settlement so you can see how the numbers look at closing.
Also ask for a buyer's estimate of expense worksheet so you can see about what amount you may be looking at to come to closing.
Ask your mortgage lender for a Good Faith Estimate. Have them go over the various scenarios with you as the numbers will vary dependent on how you are financing, etc.
All of these services are generally provided free of cost with no obligation by reputable agents and lenders.
Hopefully, if we treat you right, you will come back and do business with us when you are ready to buy.
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1 vote Thank Flag Link Fri Oct 17, 2008
It depends alot on the circumstances. Usually you look at homes with an agent, find your home, get an offer accepted, go to closing and the agent collects a commission from the seller. There are circumstances where the buyer agrees to pay commission to an agent who is working exclusively for them,but that is not as common.
As to closing costs, there are various costs involved that depend on things like whether you are financing . Usually both the buyer and seller each have certain closing costs, but some of these can also be negotiable.
The best thing to do is find an agent you are comfortable with and who is willing to take the time to explain the whole process to you.
1 vote Thank Flag Link Fri Oct 17, 2008
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