Asked by Marianne, Los Angeles, CA • Sat Jun 4, 2011
Hi. This is for the experienced and wise RE experts in Los Angeles:
I'm buying a condo in Sherman Oaks. Closing is June 15.
On my CAR Residential Purchase Agreement, Item 4 "Allocation of Costs," the Buyer and Seller each agreed to pay certain costs.
On mine, the Seller agreed to pay (a) all City and County Transfer Taxes (b) Owner Title Policy (c) HOA transfer and doc prep fees.
My questions is:
At Closing, for the HUD-1 Settlement Sheet and on my Good Faith Estimate (GFE) from Lender:
*** Are these considered "Seller CREDITS to Buyer"?? Or just Seller Expenses?
I'm a bit of a Control Freak, but I do not understand why these Costs should appear on MY HUD or GFE at all.
In LA, are Transfer Taxes & Owner's Title considered Buyer Costs -- and the payment of them by the Seller viewed a "Seller Credit to Buyer"?
Curiously, the HOA costs he's paying are NOT on my GFE or HUD.
Is there an ADVANTAGE to the Seller having them listed as CREDITS to Buyer?
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