Question Details

Harley Wings, Other/Just Looking in Springfield, MA

What are the expenses a buyer pays? What about a seller?

Asked by Harley Wings, Springfield, MA Sun Oct 7, 2007

I am lookin for a list of the items each pays. I know the amounts will vary by location.

Help the community by answering this question:


That's a very complete list from Patti. .

Do remember that who pays for what can very well depend on which region you are (there is always a common practice in certain area/state).

Negotiation is also very important. Yes, there are times where the buyer will ask for credit back from the sellers to cover closing costs to a certain extent. So, talk to your Realtor about this - one advantage to have a full service broker - they will help you navigate all these.

A couple of differences I noticed - for us, I am in Marin, CA; buyers will pay for escrow fee and title insurance and buyers get to pick the title company. Appraisal fees when applying for a loan comes out of buyers. City / County transfer fees, Sellers. .

So, you can see, everything is in the details.

Talk to your Realtor and ask he/she to help you prepare a net proceeds "estimates" on your property. I think you will get a much better answer than from us.

1 vote Thank Flag Link Sun Oct 7, 2007
Sylvia Barry,…, Real Estate Pro in Marin, CA
Hi Harley Wings:

The amounts and obligations vary from state to state and also depends on purchase price, and yes, they are negotiable.

However, here is a list of typical costs and who TYPICALLY pays for them:

Owner's Policy - BUYER
Recording charges for all documents in buyer's names - BUYER
Tax proration (from date of possession) - BUYER
All new loan charges - BUYER
Interest on new loan from date of funding to 30 days prior to first payment date - BUYER
Assumption/change of records fees for takeover of existing loan - BUYER
Beneficiary statement fee for assumption of existing loan - BUYER
Inspection fees - BUYER
Homeowner's insurance premium for first year - BUYER

Title insurance premium - SELLER
Real estate commission - SELLER
Document preparation fee for deed - SELLER
Documentary transfer tax - SELLER
Payoff of all loans in seller's name - SELLER
Interest accrued to lender being paid off, statement fees, reconveyance fees and any prepayment penalties - SELLER
Any judgments, tax liens, etc., against the seller - SELLER
Tax proration (for any taxes unpaid at time of transfer of title) - SELLER
Any unpaid homeowner's dues and/or special assessments - SELLER
Recording charges to clear all documents of record against seller - SELLER
Any and all delinquent taxes - SELLER

Document preparation - EITHER
Notary fees - EITHER
Any city transfer/conveyance tax - EITHER, depending on location
Escrow fees - EITHER
1 vote Thank Flag Link Sun Oct 7, 2007
It is important to note that no matter where you are, all costs in a real estate transaction are negotiable between the buyer and the seller as to who will pay for such costs. The issue where you hear that a particular cost is always paid by the buyer or by the seller is a custom it is not law and neither party is obligated by such customs.
0 votes Thank Flag Link Sun Oct 7, 2007
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